Analysis of Business Plan for Quality Training Pty. Ltd. and Bryan's Tutoring Service
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This report analyzes the components of the business plans proposed by Quality Training Pty. Ltd. and Bryan's Tutoring Service, examining their relevancy, quality of information, performance measurement, and presentation. The analysis compares the two plans and provides conclusions on their effectiveness.
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Running head: DEVELOP AND IMPLEMENT A BUSINESS PLAN Develop and Implement a Business Plan Name of the Student Name of the University Author note
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1DEVELOP AND IMPLEMENT A BUSINESS PLAN Table of Content Report 1: Analysis of Business plan (Quality Training Pty. Ltd.).............................................2 Introduction:...........................................................................................................................2 Analysis and Interpretation of information:...........................................................................2 Relevancy and quality of Information....................................................................................3 Performance measurement.....................................................................................................4 Presentation............................................................................................................................4 Conclusion:............................................................................................................................5 Report 2: Analysis of Business plan (Bryan's Tutoring Service)...............................................6 Introduction:...........................................................................................................................6 Analysis and Interpretation of information............................................................................6 Relevancy and quality of Information....................................................................................7 Performance measurement.....................................................................................................8 Presentation............................................................................................................................8 Conclusion:............................................................................................................................9 References:...............................................................................................................................10
2DEVELOP AND IMPLEMENT A BUSINESS PLAN Report 1: Analysis of Business plan (Quality Training Pty. Ltd.) Introduction: Business plan is the core component of any business that determines the blueprint of the business operation before initiating any potential implications (Mullins 2012). The purpose of this report is to analyse the components of the business plan proposed by Quality Training Pty. Ltd. In the following section the interpretation of the business plan will be analysed while examining the relevancy and quality of the information. The performance measures of this business plan will be also examined to find out the potential profitability. Throughout the process the overall presentation style of the business plan will also be analysed. Analysis and Interpretation of information: A business plan can have the viability, when it has proper structure and adequate distribution of necessary and supportive information regarding the business and the industry. Besides, a business plan should have précised and brief description about the overall business blue print in the executive summary including the purpose and target of the new business plan (Finch 2013). However, in the business plan of Quality Training the executive summary does not projects enough information regarding the aim and the purpose of the business plan. The objectivespresentedin thisbusinessplan arenot SMART(SpecificMeasurable AttainableRealisticandTime-framed).Someoftheobjectivesarecompletelynon- measurable. The business plan also does not have any specific financial estimation to support their goals and formulated objectives. The key areas of success are mentioned briefly considering the various strategic goals and potentialities of Quality Training Company. However, the business objectives should be
3DEVELOP AND IMPLEMENT A BUSINESS PLAN developed depending on these scopes and here the scopes are presented after the projected objectives mission and vision. The marketing slogan has been incorporated in this section, which should be incorporated in the marketing strategy section. At the same time the mission vision and objectives are described before the organisational description, which is not a proper business plan presentation format. Relevancy and quality of Information There is some information in this business plan of quality Training which are very vague and irrelevant as well. As an example the market plan review has provided as a part of the rationale, which made the rationale of this business plan vague and inconsistent. Similarly in the review process several part of the business plan has been discussed. However, process of reviewing the plan is not mentioned. At the same time, the business plan also does not have any clear activity plan, which is necessary to implement the procedure stepwise. It could help the business plan to be more tangible and attainable as well. Therefore, lack of proper activity plan made this business plan intangible (Blackburn, Hart and Wainwright 2013). Besides, the implementation and execution plan is only discussed for the marketing strategy section which also does not make any relevancy. Along with the activity plan, the time line and the resource allocation is missing. Besides, the business plan does not include the major external environmental components such as, Political environment, legal policies, economic situation, supplier’s bargaining power and other major factors. Absence of these components has made the quality of the information poor and unrealistic. The marketing strategy of this business plan has brief discussion of the consumer trends and market situation. However, the current situation has not been presented with measurable attributes in the business plan of Quality Training.
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4DEVELOP AND IMPLEMENT A BUSINESS PLAN Performance measurement The purpose of the performance measurement of any business plan is to provide a guideline, how the business objectives can be implemented while avoiding as many potential operational errors as possible. Henceforth, a proper performance measurement plan of a business plan should have the measurement process, frequency of calibration, data analysis techniques, performance measuring attributes and the roles of controlling or managing group (Guidatet al.2014). The business plan presented by the Quality Training does not have any performance measurement section at all. Considering the brief size of the business plan, it can be said that this business plan is incomplete without a proper performance measurement system. The evaluation process is also essential part of any business plan in which the business plan should have the review structure. This business plan does not have any review strategyortechnicalreferenceatall.Thebusinessplanalsolacksthequalitative demonstration of performance measurement and review process. The competitive pricing strategy cannot be found in this business plan because of its lack of discussion of strategic pricing comparing with the other competitors within this market segment. The service or product mapping is also missing which should be presented with the price quality coordinates and the graphical presentation of the competitors and the core companies in that coordinates. Presentation Presentation is the major part of any business plan that should have the proper structure and the distribution of the authentic information. With proper presentation a business plan can be easily understandable and editable. One of the major disadvantages of the business plan of quality Training is the extremely brief and scattered way of presentation. As it discussed earlier, from the executive summary to marketing strategy planning, the
5DEVELOP AND IMPLEMENT A BUSINESS PLAN informationhasbeenpresentedinscatteredandinconsistentwaythatrequiresmore concentration to understand the purpose of the business. Apart from that, the business plan does not present any graphical presentation of any of their previous success rate or future predictions. To make a business plan feasible, the quantitative analyse and data presentation is required in every part. The data presentation also makes the business plan realistic and evident (Wallac and Webber 2017). The major disadvantage of this business plan is, this business plan of Quality Training does not have any quantitative presentation an analysis. Lack of evidence also made this business plan less viable to the reader. From the beginning of the scope analysis and aim declaration to the marketing plan and implementation strategy this business plan has all the core components, however with lack of evidences and feasible presentation. Conclusion: From the above analysis of the business plan presented by the Quality Training Pty. Ltd, it can be said that the business plan does not have any specific financial estimation to support their goals and formulated objectives. Apart from that, the current situation has not been presented with measurable attributes in the business plan. Lack of reviewing strategy and measurement tools are noticeable. It can be concluded that the overall presentation is not structured and organised. Moreover, it can be said that this business plan has all the core components, however with lack of evidences and feasible presentation, the business plan is not a good example.
6DEVELOP AND IMPLEMENT A BUSINESS PLAN Report 2: Analysis of Business plan (Bryan's Tutoring Service) Introduction: The purpose of this report is to analyse the components of the business plan proposed by Bryan's Tutoring Service while comparing it with the business plan of Quality Training Pty. Ltd. Bryan's Tutoring Service is an Oregon-based company that offers tutoring services for a wide variety of subjects. The company is currently in a sole proprietorship. However, the business plan is aimed to change its organizational form to an Oregon-based LLC within the next year. In the following section the interpretation of the business plan will be analysed while examining the relevancy and quality of the information. The performance measures of this business plan will be also examined to find out the potential profitability. Throughout the process the overall presentation style of the business plan will also be analysed. Analysis and Interpretation of information The business plan of Bryan's Tutoring Service the executive summary projects enough information regarding the aim and the purpose of the business plan including the existing services and provision. The objectives presented in this business plan are completely Specific,Measurable,Attainable,RealisticandTime-framed(SMART).Someofthe objectives are supported by the graphical representation of the predictive analysis. Unlike the Quality Training Pty. Ltd, the business plan of Bryan's Tutoring Service also has several financial estimations to support their goals and formulated objectives. The key areas of success are mentioned precisely along with their current service condition and organisational structure. The aims and objectives also considered the various strategic goals and potentialities of Bryan's Tutoring Service Company. The history of the business has been developed depending on the financial presentation of balance sheet, assets,
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7DEVELOP AND IMPLEMENT A BUSINESS PLAN past performance and variable assets.Unlike the Quality raining the marketing slogan has not been incorporated in this section, and incorporated in the marketing strategy section. However,themissionvisionandobjectivesaredescribedbeforetheorganisational description, which is not a proper business plan presentation format. Relevancy and quality of Information The presented information in this business plan of Bryan's Tutoring Service Company is well organised and evident by various previous business outcomes which are very relevant as well. As an example, unlike the Quality Training, the course material an service policies has been provided independently from the marketing. The review plan has also provided as a part of the rationale, which made the rationale of this business plan more consistent and viable. Similarly in the service section several part of the pricing plan in existing structure have been discussed. At the same time, the business plan also has a clear and precise activity plan to implement the procedure stepwise considering the roles and responsibilities of the stakeholders. The reliable information of this business plan helps the business plan to be more tangible and attainable as well (Chen, Yao and Kotha 2012). Besides, the implementation and execution plan is discussed individually in every section of the marketing strategy as well, which also makes the business plan very reliable. Along with the activity plan, the time line and the resource allocation is also presented considering the engagement of valuable business personnel and external partners. Along with that, the business plan also includes the major external environmental components such as, Political environment, legal policies, economic situation, supplier’s bargaining power and other major factors in the environmental analysis section.
8DEVELOP AND IMPLEMENT A BUSINESS PLAN Performance measurement Aproperperformancemeasurementplanofabusinessplanshouldhavethe measurementprocess,frequencyofcalibration,dataanalysistechniques,performance measuring attributes and the roles of controlling or managing group (Mason and Stark 2014). The major limitation of the business plan of Bryan's Tutoring Service Company is it does not have any performance measurement section properly. At the same time, it has to be noted that core measuring attributes have been mentioned as the milestones. Considering all the perspective of this business plan it can be said that this business plan is incomplete without a proper performance measurement system. The purpose of the performance measurement of any business plan is to provide a guideline, how the business objectives can be implemented while avoiding as many potential operational errors as possible. At the same time, the business plan has the detailed qualitative and quantitative demonstration of privies pricing statement and new performance on pricing strategy.The competitive pricing strategy can be found in this business plan because of its graphical representation and discussion of strategic pricing comparing with the other competitors within this market segment. However, similar to the Quality Training, the business plan of Bryan's Tutoring Service Company lacks the service or product mapping, which should be presented with the price quality coordinates and the graphical presentation of the competitors and the core companies in that coordinates. Presentation With proper presentation of the business plan, Bryan's Tutoring Service Company makes their business plan easily understandable and editable. One of the major advantages of the business plan it its extremely numerical and graphical evidence based presentation. In the appendix section the business plan has also presented the projected sales and marketing
9DEVELOP AND IMPLEMENT A BUSINESS PLAN report of previous ears along with the cashflow and break-even diagram. Moreover the business plan of Bryan's Tutoring Service Company has a great potential to be an ideal example of business plan presentation. Conclusion: From the above discussion and analysis it can be said that, the business plan of Bryan's Tutoring Service has very specific and detailed financial estimation and quantitative measurements and perdition with graphical presentation to support their goals and formulated objectives. Moreover, it can be said that this business plan has more potentialitiesand evidences to make it feasible, attainable, viable as well as implementable.
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10DEVELOP AND IMPLEMENT A BUSINESS PLAN References: Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business, strategyandowner-managercharacteristics.Journalofsmallbusinessandenterprise development,20(1), pp.8-27. Chen, X.P., Yao, X. and Kotha, S., 2012. Entrepreneur passion and preparedness in business plan presentations: a persuasion analysis of venture capitalists' funding decisions.Academy of Management journal,52(1), pp.199-214. Finch, B., 2013.How to write a business plan(Vol. 35). Kogan Page Publishers. Guidat, T., Barquet, A.P., Widera, H., Rozenfeld, H. and Seliger, G., 2014. Guidelines for the definitionofinnovativeindustrialproduct-servicesystems(PSS)businessmodelsfor remanufacturing.Procedia CIRP,16, pp.193-198. Mason, C. and Stark, M., 2014. What do investors look for in a business plan? A comparison of the investment criteria of bankers, venture capitalists and business angels.International small business journal,22(3), pp.227-248. Mullins, J., 2012.The new business road test: What entrepreneurs and executives should do before writing a business plan. Pearson UK. Wallace, M. and Webber, L., 2017.The disaster recovery handbook: A step-by-step plan to ensure business continuity and protect vital operations, facilities, and assets. Amacom.