BSBOPS601 Develop and implement a business plan

STUDENT PACK

What is the purpose of this document?

The Student Pack is the document you, the student, needs to complete to demonstrate competency. This document includes the context and conditions of your assessment, the tasks to be completed by you and an outline of the evidence to be gathered.

The information includes the following:

Information related to the unit of competency

Guidelines and instructions to complete each task and activity

These documents are designed after conducting thorough industry consultation. Students are encouraged to evaluate this document and provide constructive feedback to their training organisation if they feel that this document can be improved.

ASSESSMENT INFORMATION for students

How you will be assessed

The process we follow is known as competency-based assessment. This means that evidence of your current skills and knowledge will be measured against national standards of best practice, not against the learning you have undertaken either recently or in the past. Some of the assessment will be concerned with how you apply your skills and knowledge in the workplace, and some in the training room as required by each unit.

The Graduate Diploma is at Level 8 on the Australian Qualifications Framework. This means that course design, delivery and assessment must meet the specifications of Level 8 in the AQF – see https://www.aqf.edu.au/sites/aqf/files/aqf-2nd-edition-january-2013.pdf

Graduates of a Graduate Diploma will have advanced knowledge within a systematic and coherent body of knowledge that may include the acquisition and application of knowledge and skills in a new or existing discipline or professional area.

They will have:

• cognitive skills to review, analyse, consolidate and synthesise knowledge and identify and provide solutions to complex problems

• cognitive skills to think critically and to generate and evaluate complex ideas

• specialised technical and creative skills in a field of highly skilled and/or professional practice

• communication skills to demonstrate an understanding of theoretical concepts • communication skills to transfer complex knowledge and ideas to a variety of audiences

The assessment tasks have been designed to enable you to demonstrate the required skills and knowledge and produce the critical evidence to successfully demonstrate competency at this standard.

Your assessor will ensure that you are ready for assessment and will explain the assessment process. Your assessment tasks will outline the evidence to be collected and how it will be collected, for example, a written activity, case study, or demonstration and observation.

The assessor will also have determined if you have any special needs to be considered during assessment. Changes can be made to the way assessment is undertaken to account for special needs and this is called making Reasonable Adjustment.

What happens if your result is ‘Not Yet Satisfactory’ for one or more assessment tasks?

Our assessment process is designed to answer the question “has the desired learning outcome been achieved yet?” If the answer is “Not yet”, then we work with you to see how we can get there.

In the case that one or more of your assessments has been marked ‘NYS’, your trainer will provide you with the necessary feedback and guidance, in order for you to resubmit your responses.

What if you disagree on the assessment outcome?

You can appeal against the decision made on your assessment. An appeal should only be made if you have been assessed as ‘Not Yet Competent’ against a unit of competency and you feel you have sufficient grounds to believe that you are entitled to be assessed as competent. You must be able to adequately demonstrate that you have the skills and experience to be able to meet the requirements of units you are appealing the assessment of.

Your trainer will outline the appeals process, which is available to the student. Nova Institute’s Complaints and Appeals Policy is on the Nova Institute website. You can request a form from Reception to make an appeal and submit it to your trainer, the course coordinator, or the Student Support Officer. Nova will examine the appeal and you will be advised of the outcome within 14 days. Any additional information you wish to provide may be attached to the appeal form.

What if I believe I am already competent before training?

If you believe you already have the knowledge and skills to be able to demonstrate competence in this unit, speak with your trainer, as you may be able to apply for Recognition of Prior Learning (RPL).

How should I format my assessments?

Your assessments should be typed in a 11 or 12 size font for ease of reading. You must include a footer on each page with the complete student name (not just a first name), unit code and date. Your assessment needs to be submitted as an electronic copy as requested by your trainer. Your trainer will provide you with an email address to send it to.

How long should my answers be?

The length of your answers will be guided by the description in each assessment.

Use the word count function in Microsoft Word to check the number of words in your answer. Your answers must not be too long or too short.

How should I reference the sources of information I use in my assessments?

Include a reference list at the end of your work on a separate page. You MUST reference the sources you have used in your assessments in the Harvard Style (see Nova Website) and provide a reference list.

ASSESSMENTS THAT DO NOT HAVE APPROPRIATE REFERENCING WILL NOT BE ACCEPTED. If you have problems referencing your assessment, see your trainer or the Training and Compliance Manager for help.

1.2 Guide to satisfactory assessment completion

The following table shows you how to achieve a satisfactory result against the criteria for each type of assessment task. The following is a list of general assessment methods that can be used in assessing a unit of competency. Check your assessment tasks to identify the ones used in this unit of competency.

Assessment Method		Satisfactory Result		Non-Satisfactory Result
You will receive an overall result of Competent or Not Yet Competent for the unit. The assessment process is made up of a number of assessment methods. You are required to achieve a satisfactory result in each of these to be deemed competent overall. Your assessment may include the following assessment types.
Questions	All questions answered correctly		Incorrect answers for one or more questions
	Answers address the question in full; referring to appropriate sources from your Learner Guide, textbooks and e-journals. and/or workplace		Answers do not address the question in full. Does not refer to appropriate or correct sources.
	Answers address the question at the level of the qualification in the required domain, e.g. if asked to analyse, the answer contains analysis rather than a statement.		Answers do not address the question at the level of the qualification in the required domain, e.g. provides a list of factors when asked to analyse factors.
Written Activity	The assessor will mark the activity against the detailed guidelines/instructions		Does not follow guidelines/instructions
	Attachments if requested are attached		Requested supplementary items are not attached
	All requirements of the written activity are addressed/covered.		Response does not address the requirements in full; is missing a response for one or more areas.
	Responses must refer to appropriate sources from your student workbook, textbooks and e-journals. and/or workplace		One or more of the requirements are answered incorrectly. Does not refer to or utilise appropriate or correct sources of information
	Responses must show the level of analysis required for a graduate diploma, rather than description, or merely quoting sources.		Responses are descriptive rather than analytic. Uses material from other sources but does not use it in analysis or to develop an argument to support an opinion.
Case Study	All comprehension questions answered correctly; demonstrating an application of knowledge of the topic case study.		Lack of demonstrated comprehension of the underpinning knowledge (remove) required to complete the case study questions correctly. One or more questions are answered incorrectly.
	Answers address the question in full; referring to appropriate sources from your student workbook, textbooks and e-journals. and/or workplace		Answers do not address the question in full; do not refer to appropriate sources.
	Attachments if requested are attached		Requested supplementary items are not attached

If your assessment is NYC

Where a student’s answers are deemed not yet satisfactory after the first attempt, a resubmission attempt will be allowed.

If a third submission is required, the student must pay the reassessment fee of $200

ASSESSMENT COVER SHEET

BSBOPS601 Develop and implement a business plan

Student name:	Deepakshi Thakur		Student number
Assessor Name:	Dr MD Faiz Shah		Date Submitted:		16/03/2023
The following questions are to be completed by the assessor:
Is the student ready for assessment?			Yes		No
Has the assessment process been explained?			Yes		No
Does the Student understand which evidence is to be collected and how?			Yes		No
Have the Student’s rights and the appeal system been fully explained?			Yes		No
Have you discussed any special needs to be considered during assessment?			Yes		No
The following documents must be completed and attached:
 Project and Checklist The student will complete the written activity provided to them by the assessor. The Written Activity Checklist will be completed by the assessor.			S		NYS
 Knowledge Test and Checklist The student will answer a range of questions either verbally or written. The Questioning Checklist will be completed by the assessor.			S		NYS
Student Declaration
I agree to undertake assessment in the knowledge that information gathered will only be used for professional development purposes and can only be accessed by the RTO
I declare that:  The material I have submitted is my own work;  I have kept a copy of all relevant notes and reference material that I used in the production of my work;  I have given references for all sources of information that are not my own, including the words, ideas and images of others.
Student Signature:	Deepakshi thakur	Date:		16/03/2023

Result and Feedback
Feedback to Student:
Overall Outcome Competent Not yet Competent
Assessor Signature:		Date:

Assessment instructions and guidelines: Assessment 2 – Project

Assessment task description:

This is the second (2) assessment task you must successfully complete to be deemed competent in this unit of competency. This assessment task is a Skills Test. This assessment task consists of five (5) practical demonstration activities. Activity 1: Prepare to develop the business plan Activity 2: Develop the business plan Activity 3: Implement the business plan Activity 4: Monitor and respond to business performance Activity 5: Provide an analysis of the strengths and weaknesses of the business plan. You must attempt all activities of the project for your trainer/assessor to assess your competence in this assessment task.

Applicable conditions:

This skill test is untimed and is conducted as an open book assessment (this means you are able to refer to your textbook or other learner materials during the test). You will be assessed independently on this assessment task. No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory. As you complete this assessment task, you are predominately demonstrating your skills, techniques and knowledge to your trainer/assessor. Your trainer/assessor may ask you relevant questions during this assessment task

Resubmissions and reattempts:

Where a student’s answers are deemed not satisfactory after the first attempt, a resubmission attempt will be allowed. The student may speak to their trainer/assessor if they have any difficulty in completing this task and require reasonable adjustments.

Location:

This assessment task may be completed in: ☐ a classroom ☐ learning management system (i.e. Moodle), ☐ workplace, ☐ or an independent learning environment. Your Trainer/Assessor will provide you with further information regarding the location for completing this assessment task.

Purpose of the assessment

The purpose of this assessment task is to assess the student’s knowledge and skills essential to develop and implement the business plan in a range of contexts and industry settings. Skill to analyse and research business vision, mission, values, objectives, goals, competitors, financial targets, management arrangements and marketing approaches Skill to write a business plan, including: description of the business products and services financial, physical and human resource requirements regulatory requirements marketing strategy financial indicators productivity and performance targets for key result areas Skill to monitor and respond to business performance, including evaluation of performance against key results indicators Skill to consult, communicate with and report to relevant stakeholders Skill to provide analysis of the strengths and weaknesses of a business plan.

Task instructions

This is an individual assessment. This assessment involves a role play, which must be completed in class. If you do not complete this role play, you cannot complete and submit your assessment and cannot be assessed as competent. This assessment requires you to deliver a presentation in class. If you do not complete this presentation, you cannot complete and submit your assessment and cannot be assessed as competent. To ensure your responses are satisfactory you should consult a range of learning resources and other information such as handouts, textbooks, learner resources etc. You must document your responses in the provided template. You must be concise, to the point and write answers according to the given word limit to each question and not provide irrelevant information. You must write your responses in your own words. To ensure your responses are satisfactory, you should consult a range of learning resources and other information such as handouts, textbooks, learner resources etc. All questions must be answered in order to gain competency for this assessment.

Workplace or simulated environment requirements

This assessment task will be completed in a workplace setting or an environment that accurately represents workplace conditions.

The simulated environment must meet the following requirements:

Requirements:

The simulated workplace environment consists of:

A safe environment for the student to complete the assessment task

Standard operating/workplace procedures.

Your trainer/assessor to provide you with assistance throughout the assessment activity.

Resources specified above

Templates to complete this assessment task (Provided in assessment activities)

Assessment Task 2 – Project

Case study:

Introduction

“Online Media Solutions” is opening a new small business in Melbourne, Australia. From idea to design, development and marketing, the company will achieve results for its clients and grow their business.

Our business will venture into the web service industry to offer superior and unique services to small businesses and institutions. Our experience and expertise in web sales and e-commerce will give us the backing to provide solutions that are currently lacking in the market.

There is an all-time high demand for web development and marketing for small businesses with signs of rising further. Interestingly, few web developers have taken advantage of this opportunity, leaving the industry with no dominant participants.

The projects’ high costs and the focus on bigger companies and institutions could be the contributing factor as to why this market remains untapped. We will have a system that will reduce the project costs dramatically, giving us the opportunity to offer quality services at reduced costs.

Company details:

Company name: Online Media Solutions, Pty. Ltd

Company address: 2/10 Lawn court, Craigieburn, 3064, VIC

Mission

Provide best-in-class design services

Make a positive impact on our customer businesses

Be respected and admired by peers

Our vision

To provide best-in-class web design and development services in a manner that is simple, effective and cost-effective to the target audience.

Goals and objectives

The goals and objectives of Online Media Solutions are as follow:

To generate revenues of $800,000 by the end of our first year of operations.

To attain a net profit of 18% in the first year and 30% in the second year.

To have a 60% gross margin by the end of the first year.

Keys to Success

We will offer quality web services to small businesses and institutions at affordable prices.

To build and tailor our services to small businesses.

Positioning as a viable solution alternate to more established brands

Products and services

We will offer the following products and services to our clients:

Services:

Interface and Web Design

Graphics design

Website development

Domain and web hosting

Video editing

Blog development

Search engine optimisation

E-commerce

Products:

Web templates

CMS templates

Graphic templates

Brochure

Flyers

Business cards  

Logo templates  

Values

Quality service to our clients

Integrity & Accountability

Reliability

Quality

Innovation

Respect

Organisational structure and management arrangements

The foundation team will have 15 team members. In its initial start-up, the business will have three (3) departments:

IT department

Marketing department

Sales department

Other work-related financing and human resource work will be outsourced.

All three (3) departments will be managed by Managers who are well experienced and experts in commercial web development and business-to-business sales.

The organisation has the required human resources for the management structure and some other staff members to run its operations. The management is further making arrangements for the following new employees:

Word press developer: Full-time position

SEO Analyst: Part-time position

Customer service representatives: Part-time position

All the departmental managers will report to the General Manager (Owner).

Start-up summary

Online Media Solutions will incur the following start-up costs:

Deposits for office rents and utilities

Furniture and fixtures

Computer hardware and software

Development of the website

Stationery and brochures

Legal fees regarding business formation, creation of standard client contracts, and other general advice

Start-up Requirements summary

Start-up Requirements Summary
Start-up expenses
Legal	$2500
Stationery	$1500
Insurance	$2000
Rent deposits	$25000
Website development	$10000
Recruitment	$10000
Software and hardware	$25000
Marketing and advertisements	$20000
Total Start-up expenses	$96000
Start-up assets
Cash required	$100000
Other current assets	$25000
Long-term assets	$150000
Total assets	$275,000
Total requirements	$371,000

Sources of finance for required liquidity according to business goals and objectives and workplace procedures

The owner of the business will raise 20% of its total capital

The rest of the 80% will be raised through loans from banks and other financial institutions

Business model

“Online Media Solutions” is a full-service web solutions provider for businesses. The company offers both services and products through the mode of its B2B and B2C engagements. The product and services into divided into two (2) broad categories of business engagement.

B2B services:

“Online Media Solutions” service portfolio includes Web Design, Graphics design, Website development, Domain and web hosting, 2d & 3d animation, Blog development, Search engine optimisation and E-commerce. The project cost will be estimated by the appropriate number of hours needed to complete the project.

The sales team will aggressively track prospective clients and sell the services provided for businesses.

B2C Products:

“Online Media Solutions” product portfolio includes Web Templates, CMS Templates, Graphics Templates, Brochures, Flyers, Business cards and Animated logo templates. The prices are typically listed on the online shop where customers can either take monthly subscription or pay per download as per need.

The business will have a database that will act as the repository for all the products.

Operational model and strategies

The Operations for “Online Media Solutions” are categories into the following engagements:

B2B engagements

Lead generation – Lead generation refers to creating and generating prospective consumer interest or inquiry into a business’s products or services. This will be done by building a database of prospective customers using social networks, business listings, internet search etc.

Sales pitch – A sales pitch is a line of talk that attempts to persuade someone or something with a planned sales presentation strategy of a product or service designed to initiate and close a product and service sale. Sales professionals prepare and give a sales pitch using the following methods:

Face to face meetings

E-mailing marketing contacts from the leads

B2C engagements

The B2C engagement is primarily done through a dedicated online shop where customers can browse through the repository, select designs or templates or download. The steps in the process are as follow:

Market opportunity

Opportunity

There is an all-time high demand for web development and marketing for small businesses with signs of rising further. Interestingly, few web developers have taken advantage of this opportunity, leaving the industry with no dominant participants.

Problem

The high costs of the projects and the focus on bigger companies and institutions could be the contributing factor as to why this market remains untapped. We have a system that will reduce the project costs dramatically, giving us the opportunity to offer quality services at reduced costs.

Solution

We will target the small businesses, assess their needs and provide them with quality services at reduced costs. 

We have systems in place and global contacts that will help us beat competitor’s prices. 

Marketing objectives

To generate 60-70% revenue from small businesses and institutions

To increase brand awareness in the market

Market approaches

The company will focus on small businesses and institutions that are looking to develop or upgrade their web presence.

Our approach will be step-by-step, starting with a simple, basic website and improving it to meet their changing needs. Our service will bring onboard any small business that needs an internet presence, but we will concentrate more on those that need more details about their operations online.

Such companies will most likely go for all or some of the following services:

A shopping cart or e-commerce.

Dynamic features and content.

Aggressive marketing of products online.

Expected costs, profits and sales

As the organisational pricing strategy, Online Media Solutions will charge for its services on an hourly basis.

Expected costs to develop products and services

Following are the expected costs associated with the production and delivery of its products and services:

Expected costs for its products and services:

Labour cost: $35/hour

Indirect costs: $40/hour

Expected time to develop its products: 10-15 hours.

Expected sales and profits:

We are projecting sales of $800,000 by the end of the current year and $1.2 million in next year. We expect to attain a net profit of 18% in the current and 30% in the next year.

The majority of the expenses will be salaries, contractor payments, operating and office expenses. 

Expense Summary:

Salaries will be 33% of the total expenses.

Contractor payments will be 20% of the total expenses.

Operating and office expenses will be 47% of the total expenses.

Financial Highlights by Year

Financial Plan

Revenue by Month

Expenses by Month

Net Profit (or Loss) by Year

Simulated workplace scenario

‘Online Media Solutions’ is starting its business operations. The organisation wants the Operations Manager to analyse and research business vision, mission, values, objectives, goals, competitors, financial targets, management arrangements and marketing approaches and develop and implement the business plan.

Your role and responsibilities

You are working as Operations Manager in ‘Online Media Solutions’. The management wants you to develop and implement the business plan.

As part of your job role to develop and implement the business plan, you have the following responsibilities:

Analysing and researching business vision, mission, values, objectives, goals, competitors, financial targets, management arrangements and marketing approaches

Establishing the business plan

Monitoring and responding to business performance, including evaluation of performance against key results indicators

Consulting, communicating with and reporting to relevant stakeholders

Providing an analysis of the strengths and weaknesses of a business plan.

Other roles and their responsibilities: Relationships with stakeholders such as staff members and General manager

The assessment task requires you to communicate with a number of organisational stakeholders. The main roles applicable to the assessment task includes: 

Role number 1: General Manager: The General Manager is the individual who supervises or is in charge of the organisation. They belong to a higher rank or status. Their job role and responsibilities are:

Assign a team to you to complete the project

Assist you in understanding the task requirements

Provide you information about job roles and responsibilities

Supervise you completing the assessment task and requirements

Role number 2: Stakeholders (IT Manager, Sales Manager and Sales Manager): The team members are student’s co-worker or workfellow. They are associates that the candidate works with. Their job role and responsibilities are:

Assist you in completing the project on time

Help you to research and identifying relevant information

Participate in a healthy and open discussion

Communicate and collaborate with you for the required activities

Note:

The trainer/assessor will take on the role of General Manager.

The trainer/assessor will assign the roles of team members for each activity.

Each student will be assessed individually for all assessment activities.

Timeframe to complete the project:

Two weeks (You have two weeks to complete the project)

Task requirements

You will be assessed on your technical knowledge and skills to complete this project

You will be assessed on working in a team environment and meeting your job role and responsibilities

You must follow the instructions provided by the General Manager.

All individuals must complete their role and assigned responsibilities and meet the specified deadlines

The task must be completed in the specified timeframe

Activity 2.1: Prepare to develop a business plan

This part of the activity requires you to prepare to develop a business plan for Online Media Solutions.

To prepare to develop the business plan, you need to arrange a meeting with the Senior Management team, clarify the organisational and legislative frameworks relevant to the business plan’s development, and consult them about developing performance objectives and measures for the business plan.

The following are the Senior Management members that you need to arrange a meeting with:

General Manager

IT Manager

Marketing Manager

Roles and responsibilities during the meeting: Senior Management (General Manager, IT Manager, Marketing Manager) The trainer/assessor will take on the role of the General Manager. The trainer/assessor will allocate the IT Manager and Marketing Manager’s role to the students/staff members. The Senior Management will collaborate with the student to clarify the organisation’s mission, visions, values and goals and establish key performance objectives and measures for the business plan. The Senior Management will provide feedback, opinions or views on the key performance objectives and measures for the business plan. Student (Operations Manager) Clarify the organisation’s mission, visions, values and goals/objectives Consult and seek advice from the Senior Management regarding the key performance objectives and measures for the business plan. Use listening and questioning to elicit feedback and opinions from the Senior Management.

Before the meeting, the student is required to:

Review the case study information and analyse the organisation’s mission, visions, values and goals/objectives

Create an agenda for the meeting that encourage the participants to discuss the key points regarding the following:

Business vision, mission, values and objectives for input into the business plan.

Performance objectives and key performance indicators to assess the achievement of the objectives of the business plan.

During the meeting, you must:

Welcome the participants

Provide an introduction to the meeting’s purpose

Discuss and explore the business vision, mission, values and objectives for input into the business plan.

Consult with them and seek their advice on the performance objectives and key performance indicators to assess the achievement of the objectives of the business plan.

Provide an opportunity for discussion.

Listen and comprehend information from a variety of spoken exchanges with the participants of the meeting

Provide an opportunity for the audience to ask questions

Respond to questions.

Acknowledge and respond to differences in opinions.

Close the meeting:

Summarise the agreed outcomes using the meeting minutes template provided

Activity 2.1 – Project Checklist – Prepare to develop a business plan

Student’s Name
Assessor’s name:
Satisfactory response:				Yes		No
1	Review the case study information and analyse the organisation’s mission, visions, values and goals/objectives				
2	Create an agenda for the meeting containing the key points relating to:				
3	Business vision, mission, values and objectives for input into the business plan.				
5	Performance objectives and key performance indicators to assess the achievement of the objectives of the business plan.				
6	Discuss and explore the business vision, mission, values and objectives for input into the business plan.				
7	Used listening and questioning to elicit feedback and opinions from the Senior Management				
8	Provided opportunity for discussion				
9	Consulted and sought advice from the Senior Management regarding the business plan’s key performance objectives and measures.				
10	Summarise the agreed outcomes using the meeting minutes template provided				
Feedback to Student:
Result  Satisfactory  Not Yet Satisfactory
Assessor’s Signature:			Date:

Activity 2.2: Develop a business plan

This activity is a continuation of Activity 1.

This activity requires you to develop a business plan that addresses the goals and objectives of Online Media Solutions.

When developing the business plan, you must incorporate the outcomes of Activity 1 and analyse and research business vision, mission, values, objectives, goals, competitors, financial targets, management arrangements and marketing approaches.

You must develop the business plan using the template provided in “Appendix-C: Business plan template”.

Word-limit to prepare the business plan is 1200-1500 words.

To develop the business plan, you are required to:

Analyse the information given in the case study.

Identify organisational frameworks, including mission, vision, values, and objectives relevant to developing a business plan. (Based on Activity 1)

Identify the legislative frameworks, including:

Licence and permit requirements

Legal requirements for selling products and services

Regulatory requirements

Identify and assess marketing requirements, marketing objectives and established plans (Marketing analysis and operational strategy) based on the information given in the case study and conduct research to develop the marketing strategy.

Identify the target market

Conduct market analysis and document marketing activities and strategies relevant to operational strategy and marketing objectives

Conduct research, identify any three (3) competitors in the market and conduct competitor analysis to identify the competitive advantage.

Document productivity and performance targets for key result areas based on the consultation conducted in Activity 1

Identify financial, human and physical resource requirements for the business based on the information given in the case study

Identify and document the financial indicators assessing the performance of the business based on the information given in the financial analysis in the case study.

Develop a business plan using the template provided in “Appendix-C: Business plan”.

The business plan must be prepared using “Appendix-C: Business plan template” and include the following details:

Description of the business

Mission, vision, values and objectives of the business plan.

Products and services

Legislative and regulatory requirements, including:

Licence and permit requirements

Legal requirements for selling products and services

Regulatory requirements

Marketing strategy:

Target market

Market analysis.

Marketing strategy and activities

Competitor analysis.

Financial (including forecasted profit and loss statement), human and physical resource requirements for the business

Financial indicators to assess the performance of the business

Productivity and performance targets for key result areas

After preparing the business plan using “Appendix-C: Business plan template”, you are then required to send an e-mail to the General Manager (Trainer/assessor) and request the business plan’s approval.

When writing the e-mail, you must follow the e-mail guidelines.

E-mail guidelines:

Ensure the text written in the e-mail is grammatically correct and free of errors.

Use business style writing.

E-mail must have an appropriate subject

E-mail must provide a summary of the attachment.

E-mail must request the business plan approval.

Activity 2.2 – Project Checklist – Develop the Business Plan

Student’s Name
Assessor’s name:
Satisfactory response:				Yes		No
	Interpreted and analysed textual information when developing the business plan.				
	Prepared business plan was clear and included the details specified				
a,b	Identified and documented organisational frameworks, including mission, vision, values, and objectives.
d	Identified implications of legal and compliance requirements related to the development of the business plan				
e	The target market was correctly identified.				
	The marketing strategy was in accordance with the identified target market				
	The marketing strategy was in accordance with the business goals and objectives.				
f	The competitor analysis was conducted and accurately identified the competitive advantage				
g	Documented productivity and performance targets for key result areas based on the consultation conducted in Activity				
	Identified and documented the financial indicators assessing the business’s performance based on the information given in the financial analysis in the case study.				
	Identified financial, human and physical resource requirements for the business based on the information given in the case study				
h	Identified and documented the financial indicators assessing the business’s performance based on the information given in the financial analysis in the case study.				
	Email sent as required				
Feedback to Student:
Result  Satisfactory  Not Yet Satisfactory
Assessor’s Signature:			Date:

Activity 2.3: Implement the business plan

Activity context:

The business plan has been approved. The Senior Management wants you to implement the business plan, handle the key operations, and report its key aspects.

Description of the activity:

This activity requires you to implement the business plan. To do so, you are required to complete the following six (6) parts:

Part A: Communicate the business plan to the stakeholders

Part B: Prepare an action plan for implementation of the business plan

Part C: Confirm skilled labour is available to implement the business plan.

Part D: Test performance measurement systems and refine, where required.

Part E: Prepare reports on key aspects of the business

Part A: Communicate the business plan to the stakeholders

This part of the activity requires you to communicate the business plan prepared in Activity 2 to the following stakeholders:

IT Manager

Marketing Manager

Roles and responsibilities during the meeting: Stakeholders (IT Manager and Marketing Manager) The trainer/assessor will allocate the IT Manager and Marketing Manager’s role to the students/staff members. The students/staff members will be the same participants who participated in Activity 1. The IT Manager and Marketing Manager will collaborate with the student to clarify key business plan elements. Student (Operations Manager) Communicate the key elements of the business plan to the stakeholders Clarify the key doubts of the stakeholders and answer the questions asked. Use language and features appropriate to the audience to present the business plan. Use listening and questioning to elicit the views of others and to clarify or confirm understanding.

Before the meeting, the student is required to:

Create an agenda for the meeting that encourage the participants to discuss the key points given in the presentation.

Print out and hand out the print outs of the business plan to the stakeholder.

During the meeting, you must:

Welcome the participants

Provide an introduction to the meeting’s purpose

Discuss the following elements of the business plan

Mission, vision, values and objectives of the business plan.

Legislative and regulatory requirements, including:

Licence and permit requirements

Legal requirements for selling products and services

Regulatory requirements

Marketing strategy.

Target market

Market analysis.

Marketing strategy and activities

Competitor analysis.

Financial, human and physical resource requirements for the business

Financial indicators to assess the performance of the business

Productivity and performance targets for key result areas

Clarify their understanding.

Provide an opportunity for discussion.

Listen and comprehend information from a variety of spoken exchanges with the participants of the meeting

Provide an opportunity for the audience to ask questions

Respond to questions.

Acknowledge and respond to differences in opinions.

Close the meeting:

Summarise the agreed outcomes using the meeting minutes template provided

MEETING AGENDA TEMPLATE:

Meeting/Project Name:	Business Plan Discussion
Date of Meeting: (MM/DD/YYYY)	10.10.2022	Time:	10:30 AM-2:30 PM
Meeting Facilitator:	Operation Manager	Location:	Conference room

1. Meeting Objective

To talk about the new business strategy Split tasks and responsibilities To establish goals and targets

2. Attendees
Name	Department/Division	E-mail	Phone
Andrew Pratt	Online Media Company	[email protected]	045678956
Sophie Macnaughton	Online Media Company	[email protected]	044567867
Jarrad Begley	Online Media Company	[email protected]	049876546
Renee Adera	Online Media Company	[email protected]	045678923

3. Meeting Agenda
Topic	Owner	Time
a description of the business	CEO	9:00-9:30 AM
Specifics of the new strategy	Operation Manager	9:30-10:30 AM
Distribution of responsibilities and tasks	HR department	11:00-12:00 PM
Q&A session in a public forum	Management	12:00-1:30 PM

4. Pre-work/Preparation (documents/handouts to bring, reading material, etc.)
Description	Prepared by
Annual report	Operations manager
Business plan proposition	Operations manager
Budget details	Finance department
FAQs	HR department

Part B: Prepare an action plan for implementation of the business plan

This part of the activity requires you to prepare an action plan for the implementation of the business plan.

To prepare an action plan, you are required to document the following for implementation of the business plan using ‘Template 1:

Activities to be undertaken.

Objectives.

Key Performance Indicators (KPIs)

Timeframe.

Template 1: Action plan

Action plan
Activities to be undertaken.	Objectives.	Key Performance Indicators (KPIs)	Timeframe.
Including the updated business plan	To smoothly incorporate the new business plan into the operations	The most effective strategy to keep an eye on Online Media Company is to evaluate its performance metrics and customer feedback. If the new business plan has been successfully incorporated into the operations will be determined by Online Media Company.	6 months
Defining new responsibilities	To assign new jobs to the workers	To comprehend the division of labour and responsibilities among the employees, a thorough audit can be helpful. There may also be discussions with the staff members.	2 months
Recruiting and education	To hire new personnel, train them for new positions	To determine whether the trainees are competent of handling inquiries, the HR team must conduct assessments and evaluations. They may also assign them beginning tasks.	2 months
keeping track of performance	To assess their performance using consistent KPIs	The team’s performance must be evaluated by the managers, who must test and evaluate the team members’ talents. To evaluate the success, they should also look at their gross profit margin.	2 months

Part C: Confirm skilled labour is available to implement the business plan.

This part of the activity requires you to confirm the availability of the following skilled labour to implement the business plan:

Word press developer: Full-time position

SEO Analyst: Part-time position

Customer service representatives: Part-time position

To do so, you are required to:

Prepare job descriptions for the above-given positions using ‘Template 2’.

E-mail the position descriptions prepared to the labour-hire agency and request confirmation of skilled labour.

Note: The trainer/assessor will provide the e-mail address of the labour-hire agency.

When writing the e-mail, you must follow the e-mail guidelines.

E-mail guidelines:

Ensure the text written in the e-mail is grammatically correct and free of errors.

Use business style writing.

E-mail must have an appropriate subject

E-mail must provide a summary of the attachment.

E-mail must request the confirmation of skilled labour.

Template 2: Job descriptions

Job description 1: Word press developer

Organisational position descriptors Word Press Descriptors Reports To The developer will report to ONLINE MEDIA COMPANY manager. Job Overview WordPress will be a key requirement as the organisation switches to ONLINE MEDIA COMAPNY solutions as well. With the use of this technology, clients may benefit from web design and content that is SEO-based. The word press developer will be in charge of creating a special word press portal for the business and keeping an eye on any issues with its functioning. Responsibilities and Duties • The business requirement must be understood by the WordPress developer. • He will consult with clients to go over website functionality and design. • He will design website architecture for clients in accordance with their needs. • He will produce WordPress plugins and themes. He will oversee resolving the content-related problems. Qualifications • He needs a bachelor’s degree in computer science or a related subject. • He ought to be well-versed in technology and enthusiastic about it. • He must have at least two years of experience working in WordPress. • He needs a solid understanding of HTML5, CSS3, JavaScript, and jQuery. • He has to be proficient with SVN, Mercurial, and other code versioning tools. • He should be competent to oversee teams and manage projects. • He ought to be an excellent communicator.

Job description 2: SEO Analyst

Organisational position descriptors  SEO Analyst Reports To The SEO Analyst will report to the ONLINE MEDIA COMPANY Manager. Job Overview This position’s goal is to boost site traffic. To do this, he must regularly perform research to identify the most effective keywords for optimisation in the materials the business produces for its website and social media. Additionally, he must keep an eye on online traffic and adjust his tactics as necessary to increase it. Responsibilities and Duties He’ll conduct keyword research. • He will monitor statistics like conversion rate, time spent on a page, and organic traffic. • He will keep track on and report on the performance of SEO. • He must also evaluate various websites and social media accounts to suggest improvements for the business. • He needs to keep up with shifting keyword volumes, SEO trends, and search trends. Qualifications • He must have earned his degree with a specialisation in computing or online media. • He must have finished an SEO research course. • He should be well-versed in content management systems, HTML, CSS, and JavaScript. • He should have at least two years’ worth of SEO research experience. • He needs to be able to handle huge data sets. • He needs to be able to interact with others.

Job description 3: Customer service representatives

Organisational position descriptors Customer Service Representative Reports To The Customer service representative will report to the customer care department. Job Overview A customer service person is in charge of interacting with customers and learning about their wants, concerns, and grievances. He needs to communicate with the business about the problems before offering solutions that will be advantageous to both the business and the clients. Responsibilities and Duties • He will be in charge of retaining a sympathetic and upbeat attitude towards the clients. • He will reply to client questions and requests as soon as possible. • He must use a variety of ways to reach out to the clients. • He will be responsible for acknowledging, resolving, and updating client issues. • He will keep a log of all interactions, purchases, and complaints with clients. Qualifications • In any specialisation, he must possess a high school diploma or a general education degree. • He ought to know the fundamentals of computers. • He ought to have worked in the customer service division for at least three years. • He ought to be an effective communicator. • He must be able to maintain composure under stress.

Part D: Test performance measurement systems and refine, where required.

Context:

‘Online Media Solutions’ have the following existing performance measurements systems:

The organisation has a financial management system that keeps track of the monthly revenue generated by business operations. However, the existing system does not keep track of the operating expenses and further sales and profit projections based on previous data analysis.

A balanced scorecard that quantifies business performance by Financial, Customer, Internal processes and Learning and growth measures

Customer relationship management (CRM) system to measure business performance and track customer satisfaction by measuring the interactions and relationships with existing or potential customers and tracks sales activities, customer service and support

The organisation uses a 360-degree review system to include peers, stakeholders, and subordinates in the review process annually. The existing system does not capture real-time performance data.

Description

This part of the activity requires you to test performance management systems based on the information given in the ‘Context’ provided above and complete ‘Template 3’ suggesting the refinements to the existing performance measurement systems.

Template 3: Refinements in the existing performance measurement systems

Two (2) refinements in the existing performance measurement systems (100-200 words)

The system in place for measuring performance is efficient. However, the following improvements can help Online Media Company become even better. 360-degree feedback systems: Sharing feedbacks might be crucial when it comes to performance monitoring for Online Media Company. This feedback system enables staff members to watch how their surroundings are working and offer helpful criticism to improve it (Djunaidi et al., 2019). Since the staff are familiar with the current procedure, this process may be crucial. They can offer feedback that is more thorough and useful. The employees’ performance will improve if these are followed. Web traffic with Google Analytics: Tracking Google Analytics might be advantageous for the business. A key KPI for the business, Online Media Company’s ONLINE MEDIA COMAPNY department is given access to examine the specifics of web traffic (Song et al., 2018). By looking up these terms on a search engine like Google, Online Media Company can determine how many people are visiting the company’s website and considering its services. The business will be able to enhance its website development and content if traffic declines.

Part E: Prepare reports on key aspects of the business

Context:

After three (3) months of implementing the business plan, a review of performance was conducted. Following are the outcomes of the review conducted:

The graphic templates (Brochure and business cards) designed by the newly recruited web designer has failed to meet the client specifications and had some errors in their formatting. This is due to the failure of the quality management system. The organisation does not have a formal system of quality checking.

The operating costs have increased by 5% for the first quarter due to clients requesting re-work on a number of projects.

The performance management system has failed to keep track of real-time performance and provide training on the areas of improvement. Therefore, leading to performance issues.

Description:

This part of the activity requires you to report on key aspects of the business and make variances to the business plan.

The report must be prepared using ‘Template 4’ and must be 400-500 words in length.

To complete this activity, you are required to:

Analyse the information given in the ‘Context’.

Analyse system failures, product and service failures and identify variances to the business plan based on the information given in the ‘Context.’

Prepare a report using ‘Template 4’. Include the following elements in the report:

System failures

Product and service failures

Variations required to the business plan and reason for variations

Recommendations to address system and product and system failures

Revise ‘Business plan’ prepared in Activity 1.

Include a section for performance management and training

Document a quality management strategy

Revise budget targets. Include 10% extra in operating expenses for quality management and training of staff.

E-mail the revised business plan to the trainer/assessor.

Template 4: Report (400-500 words)

You must use the attached report template to complete this activity:

Report on current processes and systems The expansion of technology is visible in practically all business sectors (Nkwabi & Mboya, 2019). Up to this point, Online Media Solutions offered business consulting services. But in response to changing demands and trends, Online Media Company has chosen to create a new project that includes consulting services as well. The clients of Online Media Company may be able to purchase some extra services. However, because Online Media Company is a novel idea, few employees are familiar with it. Naturally, the first quarter evaluation reveals some significant flaws and errors. These problems will be discussed in this report, and we’ll strive to find solutions to improve performance. System failures System breakdowns are not uncommon when it comes to technology at Online Media Company (Mancheri et al., 2019). Additionally, Online Media Solutions is continually refining its new offering. The integration of the ONLINE MEDIA COMAPNY solutions is currently the cause of the system failure in this company. Here is a list of these areas. • Leadership deficit: There is a lack of effective leadership. Leadership is acknowledged to be important for launching a new service at Online Media Company (Casaló et al., 2020). Even senior management does not have any experience with online media solutions, which can be a major obstacle to bringing the staff together and enhancing their work. • Lack of feedback: Higher management is unable to correct the mistakes made by new staff because they lack experience and technological knowledge. Since they are not aware of their deficiencies, it is only natural that their performances are suffering. • Insufficient training: The majority of the current staff lacks a solid understanding of technology. They do not, however, receive any training from the organisation. This could be a serious issue for them in the future. Product and service failures There were numerous product and service failure areas, as can be seen from Online Media Company. These are explained in the following. • Graphic templates: These are required for designing brochures and business cards for clients’ businesses. The graphic templates for these are made by the recently hired web designers. They now fall short of client expectations, and common formatting mistakes can be seen in them as well. Online Media Company may result in business failure and decreased customer satisfaction. • Rising running costs: Online Media Company always makes a significant investment in any business, and Online Media Solutions is no exception. By the first quarter, its operating costs had risen by roughly 5%. This is primarily since consumers are requesting reworks on numerous projects since the staff is inexperienced and making mistakes. • A lack of performance management, which is necessary for any business to raise the level of performance. Online Media Solutions’ current performance management system is unable to monitor real-time performance and provide comments. Additionally, there are no training initiatives for staff members to raise their performance levels. Variations required to the business plan The business strategy may require some modifications to be improved. These are listed below. • Training initiatives: Every employee level, including higher authorities, should have access to training initiatives. To verify and approve the work of the new hires, they must be informed of the new line of work. • Regular feedback: There should be feedback on the effectiveness of the employees’ performance and their productivity. They will be able to pinpoint their performance shortcomings and inadequacies as a result. They can fix them internally to prevent clients from sending them back for rework. • Investment in technology and research: The business must make investments in research. They will be better able to plan their job because of this and comprehend the value of ONLINE MEDIA COMAPNY consultations from some of the leading industry professionals. To enhance the offerings, they can also make investments in more advanced technology tools like VR and AI. Recommendations With the aid of the suggestions below, Online Media Solutions might enhance its offerings and procedures. • An employee training and development plan needs to be developed by Online Media Company. • The Online Media Company must give its staff members regular feedback. • Online Media Company must acquire more modern technological tools. • With regard to ONLINE MEDIA COMAPNY consulting, Online Media Company can also benefit from the expertise of industry professionals. Summary and review Accordingly, as this study noted, Online Media Solutions must raise the calibre of ONLINE MEDIA COMAPNY solutions by educating the staff and assisting them in resolving the current problems by providing regular feedback. In this manner, the business can enhance its offerings and please its customers.

Activity 2.3 – Project Checklist – Implement the Business Plan

Student’s Name		Deepakshi Thakur
Assessor’s name:		Dr. MD Faiz Shah
Satisfactory response:				Yes		No
a	Communicated the key elements of the business plan to the stakeholders				
b	Clarified the key doubts of the stakeholders and answer the questions asked.				
c	Used language and features appropriate to the audience to present the business plan.
d	Used listening and questioning to elicit the views of others and to clarify or confirm understanding.				
e	The action plan for the implementation of the business plan was in accordance with the requirements of the business plan				
f	Prepared the position descriptions and confirmed the availability of skilled labour.				
g	Followed the e-mail guidelines.				
h	Tested performance management systems based on the information given in the ‘Context’ provided and suggested the refinements to the existing performance measurement systems.				
i	Analysed system failures, product and service failures and identified variances to the business plan based on the information given in the ‘Context.’				
j	Prepared the report and included the elements specified.				
k	Revised the business plan based on the activity context and the specifications.				
l	E-mailed the revised business plan to the trainer/assessor.				
m	Report was within the specified word-limits.				
Feedback to Student:
Result  Satisfactory  Not Yet Satisfactory
Assessor’s Signature:			Date:

Activity 2.4: Monitor and respond to business performance

Activity context:

The business has completed its first year of operations. Following is a brief summary of the business performance in the initial year of its operations:

Performance reports:

The operating expenses exceeded by 5% due to the establishment of quality management and performance management system.

The net profit margins have decreased by 5% due to an increase in the operating costs.

Sales targets have been achieved.

The business has established its name in the market and is expecting to exceed the sales projected sales target for the next two year by 10%.

Employee performance:

Further, the performance management system’s outcomes have shown that the Sales Manager lack interpersonal skills to communicate with people from Culturally and Linguistically Diverse (CALD) backgrounds.

Description of the activity:

This part of the activity requires you to monitor and respond to business performance, including evaluating performance against key results indicators, coaching underperforming staff, and establishing an ongoing review process.

To do so, you are required to complete the following three (3) parts:

Part A: Revise business plan

Part B: Identify and coach underperforming staff

Part C: Establish ongoing review processes

Part A: Revise business plan

This part of the activity requires you to revise the business plan. To do so, you are required to:

Analyse performance reports given in ‘Activity context’ against planned objectives (Objectives of the business plan prepared in Activity 1)

Review performance indicators against performance reports.

Revise the business plan using “Appendix C: Business plan” based on the analysis conducted:

Revise financial reports considering the analysis of performance reports

Revise the performance indicators based on the analysis of performance reports

Submit the revised business plan to the trainer/assessor.

Part B: Identify and coach underperforming staff

This part of the activity requires you to identify and coach the Sales Manager on the interpersonal skills to communicate with people from Culturally and Linguistically Diverse (CALD) backgrounds.

To do so, you are required to conduct a coaching session with him.

Roles and responsibilities during the coaching session: Sales Manager Participate in the coaching session. Collaborate with the Operations Manager in the preparation of the learning plan. Discuss the difficulties he faces when communicating with people from Culturally and Linguistically Diverse (CALD) backgrounds. Student (Operations Manager) Consult them regarding the difficulties they are facing. Conduct the coaching session. Prepare a learning plan for the Sales Manager considering learning needs and improvements.

When conducting the coaching session, you must:

Welcome the participants

Provide an introduction to the coaching session purpose

Discuss the difficulties they are facing and the learning requirements

Discuss the strategies to communicate with people from Culturally and Linguistically Diverse (CALD) backgrounds.

Collaborate with them and prepare a learning plan that includes the following:

Areas of improvement

Learning activities

Desired outcomes

Expectations/Key Performance Indicators

Provide an opportunity for discussion.

Provide an opportunity for the audience to ask questions

Respond to questions.

Acknowledge and respond to differences in opinions.

After the coaching session:

Complete ‘Template 5: Learning Plan’.

Template 5: Learning plan

Learning plan
Areas of improvement	Learning activities	Desired outcomes	Expectations/Key Performance Indicators
enhanced graphic templates and other services from ONLINE MEDIA COMAPNY	The group will gain additional knowledge about developing solutions for ONLINE MEDIA COMAPNY.	The team will be able to create better graphic templates after achieving this aim. The business cards will undoubtedly be of superior quality and satisfy customer demands.	Performance quality and productivity are the KPIs in this case. To find out if the customers are pleased with the goods and services, it can be useful to conduct a client survey.
Reduced reworks due to internal solutions	Before generating these templates, they must thoroughly comprehend the client specification. The senior authorities must start exercising leadership. They must regularly communicate with the team and try to assist them in adjusting to the new workflow.	This objective will enable the organisation to handle most issues internally. Less rework from the clients will result from this, which will lower their unhappiness.	Analyzing the frequency of client revisions and their perceptions of the services is the greatest technique to judge Online Media Company.
improved direction from higher authorities	The group must communicate frequently with debates and comments. By resolving the issues internally, the goal is to prevent client reworks.	The company will be able to raise the calibre of its performance by achieving this objective. The staff members will be able to recognise their existing problems and work to resolve them.	The ability of the staff to accomplish duties more effectively is the ideal KPI in this situation. Here, quality and quantity of units produced can be assessed.
new employee training materials	To prepare the new workforce, the leaders must create new training programmes. They must create these to increase their knowledge of and productivity in ONLINE MEDIA COMAPNY.	The company will be able to raise performance quality after achieving this aim. Higher knowledge and expertise will lead to greater production from the workforce.	The business must use tests and exams to evaluate the trainees’ performances in order to determine this. Additionally, they can assess and contrast how they performed before and after the programme.

Part C: Establish ongoing review processes

This part of the activity requires you to establish an ongoing review process for monitoring the business plan outcomes.

The ongoing review process must be prepared using ‘Template 6’ and include the following:

Stages of the ongoing review process

Explanation of each stage

How will they monitor the ongoing performance of the business plan?

Template 6: Ongoing review process

Ongoing review process

Stages of the ongoing review process

The continuing review process has the following phases. • An explanation of the review’s aims • Speaking with staff members • Making the review program’s design • Carrying out the review program. Distribution of comments • Tracking the comments

Explanation of each stage (30-50 words each)

• An explanation of the review’s aims: The review’s goals must be established by the leaders at the outset. Currently, these goals include raising the performance of ONLINE MEDIA COMAPNY, decreasing client unhappiness, and increasing productivity through better leadership. • Speaking with staff members: The review strategy needs to be discussed with the full staff by the leaders. They must convene a meeting and let the staff know how they intend to evaluate their performance. They must explain the strategy to the staff members and solicit their assistance. • Making the review program’s design: They must create a suitable and efficient review plan. For more than three months, this will involve assessing the daily duties and analysing the overall performances on a weekly basis. They must create a checklist and evaluate the performances in accordance with it. • Carrying out the review program: The business needs specific leaders and high-ranking officials who are familiar with ONLINE MEDIA COMAPNY consultations and the new product line to carry out this plan. They must establish a defined time frame for reviewing the tasks, and they must then inform higher-ups and the staff of this through routine progress meetings. Distribution of comments: The leaders will be required to provide performance-based feedback to the staff following the conclusion of the three-month evaluation. To help them comprehend the best ways to redeem the same, these should be succinct and precise. • Tracking the comments: The leaders’ responsibility will be to keep an eye on how well the team members perform and determine whether they have incorporated input into their workflow. They may also enquire into the matter.

How will they monitor the ongoing performance of the business plan? (100-150 words)

The following techniques can be used to keep an eye on business plan and performance. Monitoring the sales flow is the first step in doing this. If this flow is higher, it indicates that the business model for Online Media Company is successful. Because of its quality and productivity, Online Media Company can reach a larger audience and generate more revenue. Revenue rate: The business must contrast the new revenue rate with the old revenue rate after implementing the business plan. A strong business strategy will enable the organisation to boost its initial revenue growth rate. Customer feedback: The business must gather feedback from its customers. By doing so, they will be better able to comprehend how customers view the performance quality and try to enhance it.

ASSESSMENT 2.4 – Project Checklist – Monitor and Respond to Business Performance

Student’s Name		Deepakshi Thakur
Assessor’s name:		Dr. MD Faiz shah
Satisfactory response:				Yes		No
Part A: Revise business plan					
	Analyse performance reports against planned objectives				
	Review performance indicators against performance reports.
	Revise the Business plan:				
	Revise financial reports considering the analysis of performance reports				
	Revise the performance indicators based on the analysis of performance reports				
Part B: Identify and coach underperforming staff					
	Conduct coaching session:				
	Provide an introduction to the coaching session purpose				
	Discuss the difficulties they are facing and the learning requirements				
	Discuss the strategies to communicate with people from Culturally and Linguistically Diverse (CALD) backgrounds.				
	Collaborate with them and prepare a learning plan				
	Prepare a Learning Plan				
	Areas of improvement				
	Learning activities				
	Desired outcomes				
	Expectations/Key Performance Indicators				
	Provide opportunity for discussion				
	Complete Template 5: Learning Plan				
Part C: Establish ongoing review processes					
	Stages of the ongoing review process				
	Explanation of each stage				
	How will they monitor the ongoing performance of the business plan?				
	Complete Template 6: Ongoing review process				
2.Feedback to Student:
Result  Satisfactory  Not Yet Satisfactory
Assessor’s Signature:			Date:

Activity 2.5: Provide an analysis of the strengths and weaknesses of the business plan

This activity is a continuation of Activity 1-4.

This activity requires you to analyse the strengths and weaknesses of the existing business plan.

To analyse the strengths and weaknesses of the existing business plan, you need to:

Analyse the information given in the different ‘Activity contexts’ in Activity 1-4.

Assess the revisions you have made to the business plan based on the implementation and monitoring conducted in Activity 3 and 4.

Provide an analysis of the strengths and weaknesses of the existing business plan using ‘Template 7’.

Template 7: Analysis of the strengths and weaknesses of the existing business plan

Analysis of the strengths and weaknesses of the existing business plan (200-300 words)

The following are the strengths of the current business plan. • This strategy can meet the demands of the present. • Online Media Company is capable of developing innovative and efficient working techniques. • Online Media Company is able to keep up with new service and product offerings. • Online Media Company has the capacity to meet client needs. These are the plan’s weaknesses. • Online Media Company fails to address the problems and limitations that are already present. • Online Media Company is unable to raise the level of staff performance. • Online Media Company does not adhere to client requirements and standards. • Online Media Company might not be able to recognise and correct staff deficiencies.

Activity 2.5 – Project Checklist – Provide an analysis of the strengths and weaknesses of the business plan

Student’s Name		Deepakshi Thakur
Assessor’s name:		Dr. MD Faiz Shah
Satisfactory response:				Yes		No
	Analyse the strengths and weaknesses of the existing business plan				
	Analyse the information given in the different ‘Activity contexts’ in Activity 1-4.
	Assess the revisions you have made to the business plan based on the implementation and monitoring conducted in Activity 3 and 4.				
	Provide an analysis of the strengths and weaknesses of the existing business plan using ‘Template 7’.				
2.Feedback to Student:
Result  Satisfactory  Not Yet Satisfactory
Assessor’s Signature:			Date:

Appendix A: Business plan (Word-limit: 1200-1500 words)

Section 1: Description of the business

A company that specializes in business advice is called Online Media Solutions. The Online Media Company assists its clients in creating and successfully implementing company plans. With ONLINE MEDIA COMAPNY discussions, Online Media Company is now developing a new service line. With this, staff members can offer clients consultations and solutions for ONLINE MEDIA COMAPNY.

Section 2: Mission, vision, values and objectives of the business plan

Mission The goal of this plan is to increase target audience size while maintaining current sales and revenue margins. With the highest caliber services, Online Media Company will assist the clients in realizing their dreams of ONLINE MEDIA COMAPNY integration. Vision The goal of this strategy is to make Online Media Solutions the most recognizable brand in the business and ONLINE MEDIA COMAPNY consultancy sectors. The mission of Online Media Company is to increase sales and revenue through fresh and enhanced performances. Values This plan’s values include the honest and truthful use of technology without the use of any fabrications. To prevent malware and hacking, Online Media Company will only utilize licensed software and premium services. Objectives The goals of this strategy are listed below. • To increase the intended audience • To increase earnings and sales • To improve the currently available productions and services

Section 3: Products and services

Business consultations are mostly provided by Online Media Solutions. These include expert guidance and consultations on financial matters, manufacturing, human resources, and internet media companies, among other things. The business is currently providing ONLINE MEDIA COMAPNY solutions with the new addition. Among these are creating brand-new websites for clients, enhancing their social media presence, driving traffic to their websites with online content, and assisting them in attracting clients with digital online media companies.

Section 4: Legislative and regulatory requirements

Licence and permit requirements Australian Business Number (ABN) Australian Company Number (ACN) Register for goods and services tax (GST) Register for pay as you go (PAYG) withholding Register for fringe benefits tax (FBT) Legal requirements for selling products and services Competition and Consumer Act: Every company is required to abide with this regulation. Online Media Company examines how the company interacts with customers and complies with the relevant laws. Australian Consumer Law: This legislation establishes standards for things like product safety, damaging business practices, consumer transactions, and basic consumer rights. This law must be followed by the business.

Section 5: Marketing strategy

Target market B2B business is what Online Media Solutions does. Consequently, the target market is limited to entrepreneurs. The establishment of new businesses by existing business owners won’t require consultations. Therefore, business owners and start-up founders are possible clients as they have little experience expanding a company in the marketplace. They should be based in Australia, have a legitimate company concept, and be registered. Before contacting this company for advice, they should have a minimum amount of funds. Market analysis The market is competitive right now. But every day, new companies and entrepreneurial endeavors spring up. This implies that businesses like Online Media Solutions will consistently have employment. The current estimated value of Online Media Company is $5.4 billion. With a solid reputation and a following of devoted customers, Online Media Solutions is expanding in this industry. The ability of the business to meet market needs will determine how the overall process develops. Marketing strategy and activities The marketing plan uses multiple channels. Both online and offline media companies exist. The business will inform its customers about its new operations and strategies via its website and social media profiles. They will be able to draw the attention of the majority of young business owners with the aid of an online media company. On their website, they can also use SEO-based content. They can also set up PPC advertising to quickly show up in Google search results. Additionally, they can place ads in newspapers and monthly business publications. The complete target audience would be covered by the online media company plan in this manner.

Section 6: Financial, human and physical resource requirements

Financial requirements Any business constantly has to meet strict financial criteria, and Online Media Solutions is no different. To carry out the idea, Online Media Company needs adequate funding. The profit and loss statement shown below makes this clear. Projected profit and loss statement Profit and loss statement Year 1 Year 2 Year 3 Income Financial income $100,000 $150,000 $200,000 Operating income $80,000 $85,000 $90,000 Interest income $75,000 $80,000 $85,000 Business consultation $150,000 $200,000 $250,000 Web designing $50,000 $100,000 $150,000 Business cards $45,000 $50,000 $55,000 Digital online media company $100,000 $150,000 $250,000 Total $600,000 $815,000 $1,080,000 Expenses Advertising $100,000 $120,000 $150,000 Digital online media company $150,000 $160,000 $175,000 Training $45,000 $55,000 $60,000 Technological equipment $150,000 $160,000 $170,000 Office supplies $50,000 $60,000 $70,000 Training programs $100,000 $110,000 $120,000 Human resources $100,000 $120,000 $125,000 Research and development $40,000 $50,000 $60,000 Total $735,000 $835,000 $930,000 Profit/loss -$135,000 -$20,000 $150,000 Human resource requirements Based on the revised standards, the organisation must hire new human resources. These individuals must be knowledgeable about current technological trends and advancements. They must be knowledgeable about dealing with digital internet media companies, web trafficking, SEO, and other related issues. If necessary, the business must also give advanced ONLINE MEDIA COMAPNY training to the current staff members so that they may incorporate a comparable workflow into their daily tasks. Physical resource requirements The business will require physical resources like computer hardware, broadband internet, modems, air conditioning, and appropriate office space for these gadgets. For the ONLINE MEDIA COMAPNY team to achieve its goals, appropriate software purchases should be made depending on the unique needs of the clients.

Section 7: Competitor analysis

Three (3) competitors McKinsey & Company Boston Consulting Group Bain & Company Competitor advantage The following competitive advantages belong to Online Media Solutions. • Online Media Company has been successful in building a foundation of devoted clients. • The personnel at Online Media Company is strong and capable. • The Online Media Company has made R&D investments to stay abreast of emerging trends. • Online Media Company communicates with its clients both online and offline on a regular basis.

Section 8: Financial indicators to assess business performance

These financial metrics for business performance are listed below. • Capital and investment: Online Media Company will be able to attract investment if a business plan is successful. Additionally, it will be advantageous for Online Media Company to consistently get investments from sponsors and credits. • Sales revenue: Creating high sales and revenue is the ultimate goal of any business plan. A company plan is successful if it produces the desired level of sales revenue, according to Online Media Company. • Gross margin and net profit: An effective business plan should be able to produce a high margin of net profit. The company plan might not be operating efficiently if Online Media Company isn’t upholding the requirements.

Section 9: Productivity and performance targets

Lead conversion rate: This statistic shows how well the plan converts leads into paying clients. This helps to increase the target market and keep the sales flow steady. Website traffic: The volume of visitors to a website reveals how many people are interested in its services. This indicates that the business plan for Online Media Company was successful if it is high. Customer feedback: The business must gather feedback from its customers. By doing so, they will be better able to comprehend how customers view the performance quality and try to enhance it.

Section 10: Sign-off

Relevant authority: Signature: Date:

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