Develop and Implement Business Plan - Desklib
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This article provides a critical analysis of the business vision, mission, values, objectives, strengths, and weaknesses of Australian Hardware and Coffeeville business plans. It includes assessments, performance reports, and benchmarking. Desklib is an online library for study material with solved assignments, essays, dissertation, etc.
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Running head: DEVELOP AND IMPLEMENT BUSINESS PLAN
Develop and Implement Business Plan
Name of the Student:
Name of the University:
Author’s Note:
Develop and Implement Business Plan
Name of the Student:
Name of the University:
Author’s Note:
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1
DEVELOP AND IMPLEMENT BUSINESS PLAN
Table of Contents
Assessment 1...................................................................................................................................3
Business plan of Australian hardware.............................................................................................3
Q1: Review the simulated workplace documentation in order to understand the business
context and access the business plan ‘Australian Hardware.’.....................................................3
Q2: Analyses and interpret the business plan against the criteria for effective business plans, as
the training you have gone through on ‘BSBMGT617 Develop and implement a business plan’
and as described in your workbook.............................................................................................4
Q3: Compare the strengths and weaknesses of the business plan...............................................5
Q4: Complete a written report, detailing a critical analysis of the business vision, mission,
values and objectives, strengths and weaknesses of the business plan........................................6
Business plan of Coffeeville:...........................................................................................................8
Q1: Review the simulated workplace documentation in order to understand the business
context and access the business plan ‘Coffeeville.’.....................................................................8
Q2: Compare and contrast the business plan against the criteria for effective business plans, as
the training you have gone through on ‘BSBMGT617 Develop and implement a business plan’
and as described in your workbook.............................................................................................8
Q3: Compare the strengths and weaknesses of the business plan...............................................9
Q4: Complete a written report, detailing a critical analysis of the business vision, mission,
values and objectives, strengths and weaknesses of the business plan......................................10
Assessment 2.................................................................................................................................12
Consultation Plan Role Play......................................................................................................12
DEVELOP AND IMPLEMENT BUSINESS PLAN
Table of Contents
Assessment 1...................................................................................................................................3
Business plan of Australian hardware.............................................................................................3
Q1: Review the simulated workplace documentation in order to understand the business
context and access the business plan ‘Australian Hardware.’.....................................................3
Q2: Analyses and interpret the business plan against the criteria for effective business plans, as
the training you have gone through on ‘BSBMGT617 Develop and implement a business plan’
and as described in your workbook.............................................................................................4
Q3: Compare the strengths and weaknesses of the business plan...............................................5
Q4: Complete a written report, detailing a critical analysis of the business vision, mission,
values and objectives, strengths and weaknesses of the business plan........................................6
Business plan of Coffeeville:...........................................................................................................8
Q1: Review the simulated workplace documentation in order to understand the business
context and access the business plan ‘Coffeeville.’.....................................................................8
Q2: Compare and contrast the business plan against the criteria for effective business plans, as
the training you have gone through on ‘BSBMGT617 Develop and implement a business plan’
and as described in your workbook.............................................................................................8
Q3: Compare the strengths and weaknesses of the business plan...............................................9
Q4: Complete a written report, detailing a critical analysis of the business vision, mission,
values and objectives, strengths and weaknesses of the business plan......................................10
Assessment 2.................................................................................................................................12
Consultation Plan Role Play......................................................................................................12
2
DEVELOP AND IMPLEMENT BUSINESS PLAN
Business Plan.................................................................................................................................13
Introduction................................................................................................................................13
Discussion......................................................................................................................................14
Description of the business............................................................................................................14
Business products and services......................................................................................................14
Marketing activity..........................................................................................................................15
Financial Background................................................................................................................17
Risk Analysis.............................................................................................................................18
Licensing Requirements............................................................................................................19
Conclusion.................................................................................................................................19
Business Plan Implementation...................................................................................................19
Assessment 3.................................................................................................................................21
Performance Reports.................................................................................................................23
Application of Benchmarking....................................................................................................23
Performance Review for the New Business..............................................................................24
Reference.......................................................................................................................................25
DEVELOP AND IMPLEMENT BUSINESS PLAN
Business Plan.................................................................................................................................13
Introduction................................................................................................................................13
Discussion......................................................................................................................................14
Description of the business............................................................................................................14
Business products and services......................................................................................................14
Marketing activity..........................................................................................................................15
Financial Background................................................................................................................17
Risk Analysis.............................................................................................................................18
Licensing Requirements............................................................................................................19
Conclusion.................................................................................................................................19
Business Plan Implementation...................................................................................................19
Assessment 3.................................................................................................................................21
Performance Reports.................................................................................................................23
Application of Benchmarking....................................................................................................23
Performance Review for the New Business..............................................................................24
Reference.......................................................................................................................................25
3
DEVELOP AND IMPLEMENT BUSINESS PLAN
Assessment 1
Business plan of Australian hardware
Q1: Review the simulated workplace documentation in order to understand the business
context and access the business plan ‘Australian Hardware.’
Australian hardware is considered one of the largest business company headquartered in
Sydney, NSW. This company is founded in 1921 and serves 138 stores throughout Australia.
The min products of the company are timber, hardware, paint, tool, housing, outdoor and garden.
The targeted customers of this company are those consumers who appreciate high quality
innovative products. The products that this company offers comes up with competitive price with
added discount sand incentives for the traded customers. The skilled and experienced experts
give high quality solutions and expertise to their customers in an exciting and interactive
environment. On site and off-site services are the key offerings for this company. The products
made by them are as per the customer need and demand. Apart from that the company also
extends their support in organizing charity functions and sponsoring sports events. Apart from
that the company also offers social awareness campaign. They believe in providing products
which are environmental friendly. The company also uses different recycle techniques to store
rainwater into the tanks and put them into plants. This company is having vast market reach and
also focusing on to increase their market within the next five years. Australian hardware
maintains markup on purchase price at 35%.the strategical review for the company is to evaluate
the financial statement in every six months to keep balance in gross profit. The company workers
get compensated according to the legislative requirements. Liability on products are $15 million
and all the assets are insured to current value.
DEVELOP AND IMPLEMENT BUSINESS PLAN
Assessment 1
Business plan of Australian hardware
Q1: Review the simulated workplace documentation in order to understand the business
context and access the business plan ‘Australian Hardware.’
Australian hardware is considered one of the largest business company headquartered in
Sydney, NSW. This company is founded in 1921 and serves 138 stores throughout Australia.
The min products of the company are timber, hardware, paint, tool, housing, outdoor and garden.
The targeted customers of this company are those consumers who appreciate high quality
innovative products. The products that this company offers comes up with competitive price with
added discount sand incentives for the traded customers. The skilled and experienced experts
give high quality solutions and expertise to their customers in an exciting and interactive
environment. On site and off-site services are the key offerings for this company. The products
made by them are as per the customer need and demand. Apart from that the company also
extends their support in organizing charity functions and sponsoring sports events. Apart from
that the company also offers social awareness campaign. They believe in providing products
which are environmental friendly. The company also uses different recycle techniques to store
rainwater into the tanks and put them into plants. This company is having vast market reach and
also focusing on to increase their market within the next five years. Australian hardware
maintains markup on purchase price at 35%.the strategical review for the company is to evaluate
the financial statement in every six months to keep balance in gross profit. The company workers
get compensated according to the legislative requirements. Liability on products are $15 million
and all the assets are insured to current value.
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DEVELOP AND IMPLEMENT BUSINESS PLAN
Q2: Analyses and interpret the business plan against the criteria for effective business
plans, as the training you have gone through on ‘BSBMGT617 Develop and implement a
business plan’ and as described in your workbook
In this business plan the company have targeted three segment of market which are
improver, DYI and trade persons. The strategy lies in differentiation of product and service. The
decisions taken by the company are-
Increase sales revenue and gross profit.
Maintain or increase, market share.
Operational cost control
Maintenance of quality and standard.
Making environment supported products.
Apart form that the company also reuse the previous year profit by reinvesting them in
the business. The company serves in all regional locations in Australia where they can attract
more number of customers. The recruitment and selection policy of this company provided by
the experts are unique and vast. They use social media platform to recruit persons and give them
training in sales, production area, management and leadership, environmental, community,
sensitivity, health and safety and different external trainings like TAFE and territory education.
They also train the existing staffs to improve skills and make a lot of investment on them. The
market positions of this company are competitive based pricing and focused on providing high
quality products supported by environment. The company have produced financial statements for
the financial years to check the stability if the business plan. The financial statements include
balance sheet, cash flow statements and profit & loss statements. During the financial year
company have total assets and liability both costing $1760 million dollar making the balance
sheet justified. Similarly during the financial year total sales happened $3700 million dollar
among them gross profit amounted to $1850 dollar. During the tax company paid tax of $245
and made a net income of $345million. So, it shown that the company’s profitability during the
year was good hence making the business plan viable.
DEVELOP AND IMPLEMENT BUSINESS PLAN
Q2: Analyses and interpret the business plan against the criteria for effective business
plans, as the training you have gone through on ‘BSBMGT617 Develop and implement a
business plan’ and as described in your workbook
In this business plan the company have targeted three segment of market which are
improver, DYI and trade persons. The strategy lies in differentiation of product and service. The
decisions taken by the company are-
Increase sales revenue and gross profit.
Maintain or increase, market share.
Operational cost control
Maintenance of quality and standard.
Making environment supported products.
Apart form that the company also reuse the previous year profit by reinvesting them in
the business. The company serves in all regional locations in Australia where they can attract
more number of customers. The recruitment and selection policy of this company provided by
the experts are unique and vast. They use social media platform to recruit persons and give them
training in sales, production area, management and leadership, environmental, community,
sensitivity, health and safety and different external trainings like TAFE and territory education.
They also train the existing staffs to improve skills and make a lot of investment on them. The
market positions of this company are competitive based pricing and focused on providing high
quality products supported by environment. The company have produced financial statements for
the financial years to check the stability if the business plan. The financial statements include
balance sheet, cash flow statements and profit & loss statements. During the financial year
company have total assets and liability both costing $1760 million dollar making the balance
sheet justified. Similarly during the financial year total sales happened $3700 million dollar
among them gross profit amounted to $1850 dollar. During the tax company paid tax of $245
and made a net income of $345million. So, it shown that the company’s profitability during the
year was good hence making the business plan viable.
5
DEVELOP AND IMPLEMENT BUSINESS PLAN
Q3: Compare the strengths and weaknesses of the business plan.
Every business plan have certain strength and weakness. The company can counter on the
strength to move forward into the business. Similarly then can convert their weakness into
strength and counter on it. Australia hardware is also no different. The strength and weakness of
their business plan are –
Form
the
above
table it
is seen
that the
company have some issues regarding restricted supply chain networking, not much of brand
recognition among the customers and high cost associated with environment. But there are a lot
of positivity which the company can count upon to improve their performance. Apart from that
the company should also try to generate new business ideas, improve production the leading
brand capacity, do different types social works to get more in touch with the customers. The
competitors also are main part of the of the business plan. The company should also be updated
Strength
1. Excellent high skilled staffs
providing top quality expertise to
the customers.
2. Wide and differentiated servicing
3. Wide product diversification
meeting all the required need of
customers.
4. Strong presence in the market.
5. Tie ups with international
suppliers for production of high
quality products.
6. Environment friendly servicing.
7. Secured real estate growth to the
customers.
8. Products are developed through
online e commerce sites.
Weakness
1. Products being environmental
friendly acquires lot of costs.
2. Though being served
worldwide, but still are not
that much branded.
3. Supply chain network is not
vast.
DEVELOP AND IMPLEMENT BUSINESS PLAN
Q3: Compare the strengths and weaknesses of the business plan.
Every business plan have certain strength and weakness. The company can counter on the
strength to move forward into the business. Similarly then can convert their weakness into
strength and counter on it. Australia hardware is also no different. The strength and weakness of
their business plan are –
Form
the
above
table it
is seen
that the
company have some issues regarding restricted supply chain networking, not much of brand
recognition among the customers and high cost associated with environment. But there are a lot
of positivity which the company can count upon to improve their performance. Apart from that
the company should also try to generate new business ideas, improve production the leading
brand capacity, do different types social works to get more in touch with the customers. The
competitors also are main part of the of the business plan. The company should also be updated
Strength
1. Excellent high skilled staffs
providing top quality expertise to
the customers.
2. Wide and differentiated servicing
3. Wide product diversification
meeting all the required need of
customers.
4. Strong presence in the market.
5. Tie ups with international
suppliers for production of high
quality products.
6. Environment friendly servicing.
7. Secured real estate growth to the
customers.
8. Products are developed through
online e commerce sites.
Weakness
1. Products being environmental
friendly acquires lot of costs.
2. Though being served
worldwide, but still are not
that much branded.
3. Supply chain network is not
vast.
6
DEVELOP AND IMPLEMENT BUSINESS PLAN
about the competitors’ products and simultaneously develop their own business strategy. These
are the key survival strategy of the business.
Q4: Complete a written report, detailing a critical analysis of the business vision, mission,
values and objectives, strengths and weaknesses of the business plan.
The vision of Australian Hardware Company is to be the leading brand in hardware
industry of Australia within the next five years and also to provide more enriched expert
solutions to the clients.
Australian hardware is the leading service provider of Australia in hardware, homewares
garden suppliers and building materials in Australia which are of good quality. They are also
focused to provide with cheap price, standard rate other than the competitors. Apart from that the
mission of this company is to be more customer focused and conduct various kinds of workshops
related to environment and society upliftment.
The main objectives of this company is company is as follows-
1. The company aims to increase 10% to 15% of growth in every year.
2. They are determined to generate $300million in sales per month.
3. The company is focusing on controlling of gross profit through disciplined growth.
4. The company is also focusing on maintaining 50% on cost of goods sold.
The strength and weakness of the business plan of Australian hardware are as follows-
DEVELOP AND IMPLEMENT BUSINESS PLAN
about the competitors’ products and simultaneously develop their own business strategy. These
are the key survival strategy of the business.
Q4: Complete a written report, detailing a critical analysis of the business vision, mission,
values and objectives, strengths and weaknesses of the business plan.
The vision of Australian Hardware Company is to be the leading brand in hardware
industry of Australia within the next five years and also to provide more enriched expert
solutions to the clients.
Australian hardware is the leading service provider of Australia in hardware, homewares
garden suppliers and building materials in Australia which are of good quality. They are also
focused to provide with cheap price, standard rate other than the competitors. Apart from that the
mission of this company is to be more customer focused and conduct various kinds of workshops
related to environment and society upliftment.
The main objectives of this company is company is as follows-
1. The company aims to increase 10% to 15% of growth in every year.
2. They are determined to generate $300million in sales per month.
3. The company is focusing on controlling of gross profit through disciplined growth.
4. The company is also focusing on maintaining 50% on cost of goods sold.
The strength and weakness of the business plan of Australian hardware are as follows-
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DEVELOP AND IMPLEMENT BUSINESS PLAN
Strength
1. Excellent high skilled staffs
providing top quality expertise
to the customers.
2. Wide and differentiated
servicing
3. Wide product diversification
meeting all the required need of
customers.
4. Strong presence in the market.
5. Tie ups with international
suppliers for production of high
quality products.
6. Environment friendly
servicing.
7. Secured real estate growth to
the customers.
8. Products are developed through
online e commerce sites.
Weakness
1. Products being
environmental friendly
acquires lot of costs.
2. Though being served
worldwide, but still are not
that much branded.
3. Supply chain network is
not vast.
DEVELOP AND IMPLEMENT BUSINESS PLAN
Strength
1. Excellent high skilled staffs
providing top quality expertise
to the customers.
2. Wide and differentiated
servicing
3. Wide product diversification
meeting all the required need of
customers.
4. Strong presence in the market.
5. Tie ups with international
suppliers for production of high
quality products.
6. Environment friendly
servicing.
7. Secured real estate growth to
the customers.
8. Products are developed through
online e commerce sites.
Weakness
1. Products being
environmental friendly
acquires lot of costs.
2. Though being served
worldwide, but still are not
that much branded.
3. Supply chain network is
not vast.
8
DEVELOP AND IMPLEMENT BUSINESS PLAN
Business plan of Coffeeville:
Q1: Review the simulated workplace documentation in order to understand the business
context and access the business plan ‘Coffeeville.’
Coffeeville private limited in a joint partnership company located in Melbourne, Australia.
This company was established in the year 2009.they provide high quality coffee, beverages and
foods to the customers. Apart from that they also trade coffee into other places. The USP of this
company lies in providing quality expertise and fast services to the customers. The target market
of this company have been segmented to individual takeaway, individual sit down and catering.
The partners have invested $150000 in the business and take $200000 loan from bank. Apart
from that they are also planning to generate profit of $230000 which is expected to be 15% more
in the financial year. The other products of this company are focaccias, salads, pastries, muffins,
coffee, tea and chocolate, milk shakes and ice coffee and lastly bottled drinks. As the coffee
fanaticism of the people of Melbourne have increased in quite a good number, so the business of
this company have also reached a good height. Apart from that the company have also tied up
with other companies who supplies them the necessary items or products. For example general
restaurants provides beverages, koppie coffee beans, pukka pastries and bakery goods and lastly
Melbourne meat providore. The targeted customer of this company are office workers, 8% of
total area population, working within 500 meters of the coffee shop. Apart from that the other
requirements are people aged between 20 to 60, income over $50000, sensitive to food quality
and service along with clerical and professional workers.
Q2: Compare and contrast the business plan against the criteria for effective business
plans, as the training you have gone through on ‘BSBMGT617 Develop and implement a
business plan’ and as described in your workbook.
DEVELOP AND IMPLEMENT BUSINESS PLAN
Business plan of Coffeeville:
Q1: Review the simulated workplace documentation in order to understand the business
context and access the business plan ‘Coffeeville.’
Coffeeville private limited in a joint partnership company located in Melbourne, Australia.
This company was established in the year 2009.they provide high quality coffee, beverages and
foods to the customers. Apart from that they also trade coffee into other places. The USP of this
company lies in providing quality expertise and fast services to the customers. The target market
of this company have been segmented to individual takeaway, individual sit down and catering.
The partners have invested $150000 in the business and take $200000 loan from bank. Apart
from that they are also planning to generate profit of $230000 which is expected to be 15% more
in the financial year. The other products of this company are focaccias, salads, pastries, muffins,
coffee, tea and chocolate, milk shakes and ice coffee and lastly bottled drinks. As the coffee
fanaticism of the people of Melbourne have increased in quite a good number, so the business of
this company have also reached a good height. Apart from that the company have also tied up
with other companies who supplies them the necessary items or products. For example general
restaurants provides beverages, koppie coffee beans, pukka pastries and bakery goods and lastly
Melbourne meat providore. The targeted customer of this company are office workers, 8% of
total area population, working within 500 meters of the coffee shop. Apart from that the other
requirements are people aged between 20 to 60, income over $50000, sensitive to food quality
and service along with clerical and professional workers.
Q2: Compare and contrast the business plan against the criteria for effective business
plans, as the training you have gone through on ‘BSBMGT617 Develop and implement a
business plan’ and as described in your workbook.
9
DEVELOP AND IMPLEMENT BUSINESS PLAN
From this business plan it is seen that Coffeeville Company being a newly emerged
private Business Company have generated vast business strategy which includes training and
development process, recruitment process, and skill retention strategy. The company recruits
staffs through direct interview, trade publications and online recruitments. They give training
to the employees for making good quality food and coffee. Here the training is conducted on
sales and marketing and food production. The skills of employees are continuously
monitored and performance appraisal is done by the company officials. The managers and
employees do collaborative works to build skill and ensure alignment of employee’s efforts
and skills to estimate the company’s strategic decisions. The company serves 250 to 300
customers on a daily basis. The company also focus that the customer have a feel good
environment. The company have also taken some measures or action plans for the benefit of
mankind and environment. For example the company have reduced usage of water and
energy consumption, conduct environmental audit and training along with market
environmental survey through internet and social media platforms. The company have
provided some financial statements during the financial year like balance sheet and ash flow
statement to check the financial viability of the organization. From the analysis of balance
sheet it is seen that the total assets for the financial year is $761805. Whereas the net liability
of the company is $200000. It shows that the company have maintained a strong presence in
the market by ensuring good investment and less liability. So, the overall situation of the
company is very strong.
Q3: Compare the strengths and weaknesses of the business plan.
Every business plan has certain strength and weakness. The company can counter on the
strength to move forward into the business. Similarly, then can convert their weakness into
strength and counter on it. Coffeeville Company is also no different. The strength and weakness
of their business plan are –
DEVELOP AND IMPLEMENT BUSINESS PLAN
From this business plan it is seen that Coffeeville Company being a newly emerged
private Business Company have generated vast business strategy which includes training and
development process, recruitment process, and skill retention strategy. The company recruits
staffs through direct interview, trade publications and online recruitments. They give training
to the employees for making good quality food and coffee. Here the training is conducted on
sales and marketing and food production. The skills of employees are continuously
monitored and performance appraisal is done by the company officials. The managers and
employees do collaborative works to build skill and ensure alignment of employee’s efforts
and skills to estimate the company’s strategic decisions. The company serves 250 to 300
customers on a daily basis. The company also focus that the customer have a feel good
environment. The company have also taken some measures or action plans for the benefit of
mankind and environment. For example the company have reduced usage of water and
energy consumption, conduct environmental audit and training along with market
environmental survey through internet and social media platforms. The company have
provided some financial statements during the financial year like balance sheet and ash flow
statement to check the financial viability of the organization. From the analysis of balance
sheet it is seen that the total assets for the financial year is $761805. Whereas the net liability
of the company is $200000. It shows that the company have maintained a strong presence in
the market by ensuring good investment and less liability. So, the overall situation of the
company is very strong.
Q3: Compare the strengths and weaknesses of the business plan.
Every business plan has certain strength and weakness. The company can counter on the
strength to move forward into the business. Similarly, then can convert their weakness into
strength and counter on it. Coffeeville Company is also no different. The strength and weakness
of their business plan are –
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DEVELOP AND IMPLEMENT BUSINESS PLAN
Strength
1. The company have excellent
skilled staff for good quality food
and coffee production.
2. The company is focused on
providing high customer loyalty
3. Coffee and food offering that
exceed competitors offering in
quality and speed.
Weakness
1. A limited marketing budget to
develop brand awareness.
2. Limited space and capacity to
serve more customers.
3. High cost of sales is acquired to
the targeted customers which are
of high income groups.
Form the above table it is seen that the company have some issues regarding limited
marketing budget to develop them as a brand, limited spacing to serve more customers and
association of high cost of sales. But there are a lot of positivity which the company can count
upon to improve their performance. Apart from that the company should also try to generate new
business ideas, improve production, do different types social works to get more in touch with the
customers. The competitors also are main part of the of the business plan. The company should
also be updated about the competitors’ products and simultaneously develop their own business
strategy. These are the key survival strategy of the business.
Q4: Complete a written report, detailing a critical analysis of the business vision, mission,
values and objectives, strengths and weaknesses of the business plan.
Within the next five years coffee Ville Company have established themselves as a premier
dealer in the food and beverage industry by providing good quality coffee and beverages to the
Melbourne coffee lovers. Their vision is to expand their business into more number of locations
of Melbourne.
DEVELOP AND IMPLEMENT BUSINESS PLAN
Strength
1. The company have excellent
skilled staff for good quality food
and coffee production.
2. The company is focused on
providing high customer loyalty
3. Coffee and food offering that
exceed competitors offering in
quality and speed.
Weakness
1. A limited marketing budget to
develop brand awareness.
2. Limited space and capacity to
serve more customers.
3. High cost of sales is acquired to
the targeted customers which are
of high income groups.
Form the above table it is seen that the company have some issues regarding limited
marketing budget to develop them as a brand, limited spacing to serve more customers and
association of high cost of sales. But there are a lot of positivity which the company can count
upon to improve their performance. Apart from that the company should also try to generate new
business ideas, improve production, do different types social works to get more in touch with the
customers. The competitors also are main part of the of the business plan. The company should
also be updated about the competitors’ products and simultaneously develop their own business
strategy. These are the key survival strategy of the business.
Q4: Complete a written report, detailing a critical analysis of the business vision, mission,
values and objectives, strengths and weaknesses of the business plan.
Within the next five years coffee Ville Company have established themselves as a premier
dealer in the food and beverage industry by providing good quality coffee and beverages to the
Melbourne coffee lovers. Their vision is to expand their business into more number of locations
of Melbourne.
11
DEVELOP AND IMPLEMENT BUSINESS PLAN
Similarly, the mission of this company is to provide good quality food and beverages to the
customers. They also focus on providing high level of expertise and customer solutions. The
mission statement of this company is –
1. Providing good quality coffee to the customers irrespective of all income group.
2. The company provides superior hot and cold gourmet foods and beverages to the
customers.
3. Apart from that the company have also aimed to provide good quality pocket friendly
service and high expertise based on customer solutions.
Strength and weakness of the company implemented business plan.
Strength
1. The company have excellent
skilled staff for good quality
food and coffee production.
2. The company is focused on
providing high customer
loyalty
3. Coffee and food offering that
exceed competitors offering in
quality and speed.
Weakness
1. A limited marketing budget to
develop brand awareness.
2. Limited space and capacity to
serve more customers.
3. High cost of sales is acquired
to the targeted customers
which are of high income
groups.
Hence it is seen that the business plan that the company have implemented is having lots of
pros and cons. But still it has been able to create a good brand image within the customer mind.
Hence this business plan implemented by the company is justified.
DEVELOP AND IMPLEMENT BUSINESS PLAN
Similarly, the mission of this company is to provide good quality food and beverages to the
customers. They also focus on providing high level of expertise and customer solutions. The
mission statement of this company is –
1. Providing good quality coffee to the customers irrespective of all income group.
2. The company provides superior hot and cold gourmet foods and beverages to the
customers.
3. Apart from that the company have also aimed to provide good quality pocket friendly
service and high expertise based on customer solutions.
Strength and weakness of the company implemented business plan.
Strength
1. The company have excellent
skilled staff for good quality
food and coffee production.
2. The company is focused on
providing high customer
loyalty
3. Coffee and food offering that
exceed competitors offering in
quality and speed.
Weakness
1. A limited marketing budget to
develop brand awareness.
2. Limited space and capacity to
serve more customers.
3. High cost of sales is acquired
to the targeted customers
which are of high income
groups.
Hence it is seen that the business plan that the company have implemented is having lots of
pros and cons. But still it has been able to create a good brand image within the customer mind.
Hence this business plan implemented by the company is justified.
12
DEVELOP AND IMPLEMENT BUSINESS PLAN
Assessment 2
Consultation Plan Role Play
In order to discuss the future prospects of the company the management of the company
needs to conduct a meeting with the stakeholders of the business so that their approval can be
gathered for the project which the business of Coffeeville is trying to implement. The
stakeholders would be invited by a official mail from the business for the meeting
Agenda of the Meeting
To have discussion on the prospect of opening a new business line which is a restaurant
business.
Discussion regarding the products and services which would be offered to the business.
Discussion regarding the anticipated costs and start-up requirements of the business and
also estimation of revenue which can be generated from the operations of the business.
Suggestions and feedback from the stakeholders are analysed and recorded for further
assessment of the project in future.
Minutes
Location:
Date:
Timing
Venue:
The meeting started off with acknowledging the stakeholders of the business and
expressing gratitude towards the stakeholders. The discussion then shifted to the performance of
the Coffeeville during the period. The main topic of discussion for the meeting would be
DEVELOP AND IMPLEMENT BUSINESS PLAN
Assessment 2
Consultation Plan Role Play
In order to discuss the future prospects of the company the management of the company
needs to conduct a meeting with the stakeholders of the business so that their approval can be
gathered for the project which the business of Coffeeville is trying to implement. The
stakeholders would be invited by a official mail from the business for the meeting
Agenda of the Meeting
To have discussion on the prospect of opening a new business line which is a restaurant
business.
Discussion regarding the products and services which would be offered to the business.
Discussion regarding the anticipated costs and start-up requirements of the business and
also estimation of revenue which can be generated from the operations of the business.
Suggestions and feedback from the stakeholders are analysed and recorded for further
assessment of the project in future.
Minutes
Location:
Date:
Timing
Venue:
The meeting started off with acknowledging the stakeholders of the business and
expressing gratitude towards the stakeholders. The discussion then shifted to the performance of
the Coffeeville during the period. The main topic of discussion for the meeting would be
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DEVELOP AND IMPLEMENT BUSINESS PLAN
discussed regarding opening a new business which is a restaurant and proposed named of the
business would be EuroVille Recipes which would be offering quality Gourmet which would
have a touch of high class feelings associated with the same. The meeting further went on to
discuss the anticipated expenses and startup costs which the management of the company need to
incur to set up the business. The meeting would be discussing operations of the business and
target market of the customers. After the same, feedbacks, queries and suggestions were taken
from the stakeholders of the business.
Action Plan
The management of the company would be surveying the markets for analysing the
market for restaurant business and identifying or develop a Unique Selling Point (USP). The
management of the company would be identifying the key area of operations and on the basis of
the same formulate plans which can help the management to generate more revenues for the
business. The management of the company would also be recruiting skill management personnel
so that a level of efficiency is maintained in the business organization. In addition to this, the
management would be putting more emphasis on supervision so that unproductive and
unnecessary costs of the business are cut down.
Business Plan
Introduction
The main purpose of the assessment is to analyse the business environment of Coffeeville
which is engaged in the business of providing gourmet coffee to the customers and also has
developed a reputation due to its quality services. In the current scenario, the management of the
company is trying to expand the operations of the business and thereby ensure that the
DEVELOP AND IMPLEMENT BUSINESS PLAN
discussed regarding opening a new business which is a restaurant and proposed named of the
business would be EuroVille Recipes which would be offering quality Gourmet which would
have a touch of high class feelings associated with the same. The meeting further went on to
discuss the anticipated expenses and startup costs which the management of the company need to
incur to set up the business. The meeting would be discussing operations of the business and
target market of the customers. After the same, feedbacks, queries and suggestions were taken
from the stakeholders of the business.
Action Plan
The management of the company would be surveying the markets for analysing the
market for restaurant business and identifying or develop a Unique Selling Point (USP). The
management of the company would be identifying the key area of operations and on the basis of
the same formulate plans which can help the management to generate more revenues for the
business. The management of the company would also be recruiting skill management personnel
so that a level of efficiency is maintained in the business organization. In addition to this, the
management would be putting more emphasis on supervision so that unproductive and
unnecessary costs of the business are cut down.
Business Plan
Introduction
The main purpose of the assessment is to analyse the business environment of Coffeeville
which is engaged in the business of providing gourmet coffee to the customers and also has
developed a reputation due to its quality services. In the current scenario, the management of the
company is trying to expand the operations of the business and thereby ensure that the
14
DEVELOP AND IMPLEMENT BUSINESS PLAN
management of the revenue which is generated by the business is significantly enhanced. The
management of the company is trying to expand the operations of the business for which a
business plan is device for opening a luxury class restaurant which would be named EuroVille
Recipes. The plan would be including an estimation of finances as well as marketing plan which
is to be formulated by the management of the company.
Discussion
Description of the business
Coffeeville café is one of the leading competitors in the business of fine coffee and
gourmet food supplier. The customer base of the company has made it possible for the company
to earn the reputation of the finest supplier of high quality coffee and food (Jogaratnam 2017).
With the increasing popularity of the café, the management is now thinking about setting up a
restaurant in the heart of the Melbourne city. The plan of the organisation is to take advantage of
the client base that they have made from the operations of the café.
The target of the management is to serve the clients with continental, western and
European foods. The restaurant food quality will be as good as the quality of the Coffeeville
café. As they already get success in satisfying the need of the customers, so now they have the
confidence to set up the restaurant, and the management believe that, they will achieve same
success as they get from the Coffeeville café.
Business products and services
The main products of the business is continental, western and European food. The quality
that they have rendered in the café business is of high standard, which they want to carry on in
DEVELOP AND IMPLEMENT BUSINESS PLAN
management of the revenue which is generated by the business is significantly enhanced. The
management of the company is trying to expand the operations of the business for which a
business plan is device for opening a luxury class restaurant which would be named EuroVille
Recipes. The plan would be including an estimation of finances as well as marketing plan which
is to be formulated by the management of the company.
Discussion
Description of the business
Coffeeville café is one of the leading competitors in the business of fine coffee and
gourmet food supplier. The customer base of the company has made it possible for the company
to earn the reputation of the finest supplier of high quality coffee and food (Jogaratnam 2017).
With the increasing popularity of the café, the management is now thinking about setting up a
restaurant in the heart of the Melbourne city. The plan of the organisation is to take advantage of
the client base that they have made from the operations of the café.
The target of the management is to serve the clients with continental, western and
European foods. The restaurant food quality will be as good as the quality of the Coffeeville
café. As they already get success in satisfying the need of the customers, so now they have the
confidence to set up the restaurant, and the management believe that, they will achieve same
success as they get from the Coffeeville café.
Business products and services
The main products of the business is continental, western and European food. The quality
that they have rendered in the café business is of high standard, which they want to carry on in
15
DEVELOP AND IMPLEMENT BUSINESS PLAN
the new business also (Chung Song and Lee 2017). The added services that they are planning to
give to the customers of the restaurant is more efficient and fast service and to provide more
comfortable seating facilities. The vision of the partners is to form a new standard in the world of
the restaurant business in the Australia, which will become a model for any other restaurants in
the country. Their main objective is to serve the clients a luxurious and feel good environment
while they put their steps in the restaurant.
Marketing activity
The management wants to take some marketing strategies to promote their restaurant.
The unique strategy that they are thinking is to take advice from the public to suggest a name for
their restaurants. They already have a name in their mind, which is “Euroville receipe”, but they
have not fixed it and thinking to take suggestion from the customers, this is will connect the
customers with the restaurant. Beside that they also want to take the advantage of the technology
so they want to create an APP from which the customers will be able book their seats from
anywhere and at any time (Zhang and Wen 2017). The company estimated a budget of 50000 US
dollars to invest in the marketing strategy. The main aim of the management is to spread the
name of the restaurants all around the territories of Australia and to reach to all the food lovers of
the country. They also give advertisement in the social media platforms like Facebook Instagram
and in all other platforms from which it can be possible to reach more customers (Sajid 2016).
Business operation
Coffeeville is planning to further expand the business and to start such business some of
the key strategy are needed to be adopted where the performance and the productivity plays a
crucial role. Improving the productivity and also the performance is important for any kind of
business and setting a competitive pricing strategy in that case is very significant (Kotler et al.
DEVELOP AND IMPLEMENT BUSINESS PLAN
the new business also (Chung Song and Lee 2017). The added services that they are planning to
give to the customers of the restaurant is more efficient and fast service and to provide more
comfortable seating facilities. The vision of the partners is to form a new standard in the world of
the restaurant business in the Australia, which will become a model for any other restaurants in
the country. Their main objective is to serve the clients a luxurious and feel good environment
while they put their steps in the restaurant.
Marketing activity
The management wants to take some marketing strategies to promote their restaurant.
The unique strategy that they are thinking is to take advice from the public to suggest a name for
their restaurants. They already have a name in their mind, which is “Euroville receipe”, but they
have not fixed it and thinking to take suggestion from the customers, this is will connect the
customers with the restaurant. Beside that they also want to take the advantage of the technology
so they want to create an APP from which the customers will be able book their seats from
anywhere and at any time (Zhang and Wen 2017). The company estimated a budget of 50000 US
dollars to invest in the marketing strategy. The main aim of the management is to spread the
name of the restaurants all around the territories of Australia and to reach to all the food lovers of
the country. They also give advertisement in the social media platforms like Facebook Instagram
and in all other platforms from which it can be possible to reach more customers (Sajid 2016).
Business operation
Coffeeville is planning to further expand the business and to start such business some of
the key strategy are needed to be adopted where the performance and the productivity plays a
crucial role. Improving the productivity and also the performance is important for any kind of
business and setting a competitive pricing strategy in that case is very significant (Kotler et al.
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DEVELOP AND IMPLEMENT BUSINESS PLAN
2015). Key stakeholder’s decisions are needed in order to develop a competitive strategy in such
a huge competitive market. The company have to set a competitive pricing policy in order to stay
ahead among the other competitors. If the quality standard is set at high, then automatically the
company have to bear huge cost thus in that case the pricing for such product will also be high.
The target must be set more that which is about 10% in order to beat the pricing strategy of the
competitors.
As the company is financing the business with the help of bank loan then the company
must effectively utilize the degree of leverage by increasing the sales of the business. The
company’s business plan must be effective which means that as the production level of the
company increases then after a certain production level the company must reach the breakeven
point in order to recover the bank loan. The company must have effective advertising strategy in
order to increase the revenue of the business in the upcoming years (Chang et al. 2018).
Effective utilization of the scare resources is important in order to achieve the overall
business goals of the organizations. The human resource management of the company must also
be effective and efficient (Noe et al. 2017). Further it is needed to bring in some of the asset
required to start the business. The recruitment of new employees in the business must be
effective so that the overall production level of the business is improved.
Management and Organizational Structure
The organizational structure of the company consists of the upper level management,
middle level management and lower level management (Gond et al. 2016). The every level of
the company must be strong and effective where the middle level and the lower level
management of the company plays an important role. The main decision making is done by the
DEVELOP AND IMPLEMENT BUSINESS PLAN
2015). Key stakeholder’s decisions are needed in order to develop a competitive strategy in such
a huge competitive market. The company have to set a competitive pricing policy in order to stay
ahead among the other competitors. If the quality standard is set at high, then automatically the
company have to bear huge cost thus in that case the pricing for such product will also be high.
The target must be set more that which is about 10% in order to beat the pricing strategy of the
competitors.
As the company is financing the business with the help of bank loan then the company
must effectively utilize the degree of leverage by increasing the sales of the business. The
company’s business plan must be effective which means that as the production level of the
company increases then after a certain production level the company must reach the breakeven
point in order to recover the bank loan. The company must have effective advertising strategy in
order to increase the revenue of the business in the upcoming years (Chang et al. 2018).
Effective utilization of the scare resources is important in order to achieve the overall
business goals of the organizations. The human resource management of the company must also
be effective and efficient (Noe et al. 2017). Further it is needed to bring in some of the asset
required to start the business. The recruitment of new employees in the business must be
effective so that the overall production level of the business is improved.
Management and Organizational Structure
The organizational structure of the company consists of the upper level management,
middle level management and lower level management (Gond et al. 2016). The every level of
the company must be strong and effective where the middle level and the lower level
management of the company plays an important role. The main decision making is done by the
17
DEVELOP AND IMPLEMENT BUSINESS PLAN
upper level management or the key stakeholders of the company. The investment plan, the
financial analysis and the marketing strategy is made by the top-level managers of the company.
The effective business operation is important by decreasing the major loopholes related in the
strategy undertaken by the management (Nicholas and Steyn 2017). The financial performance
of the company also plays an important role as per the present performance gives a forecast
regarding the coming financial performance of the company. The advertising and the overall
marketing strategy must be strong in order to compete with the present competitors of the
company (De Mooij 2018). Thus effective pricing strategy must be done in order to attract the
potential customers in the market.
Financial Background
The management of the company would be requiring appropriate finances in order to
ensure that the new businesses can operate smoothly. The management of the company would
also be considering the current earnings of the business and how the same can be further
enhanced if the new proposed business line in implemented (Burns and Dewhurst 2016). The
management of the company can effectively use the capital of the business for meeting the
requirements of the new plan which is being formulated by the management of the company.
As per the requirement of the business would be requiring appropriate financing
requirements and also meet start up costs for the purpose of financing the activities of the
business. The forecasted expenses and income of the business for a period of 6 months is shown
below:
Projected Income statement for a period of 6 months
Particulars Estimated Actual
Sales 900,000 650,000
DEVELOP AND IMPLEMENT BUSINESS PLAN
upper level management or the key stakeholders of the company. The investment plan, the
financial analysis and the marketing strategy is made by the top-level managers of the company.
The effective business operation is important by decreasing the major loopholes related in the
strategy undertaken by the management (Nicholas and Steyn 2017). The financial performance
of the company also plays an important role as per the present performance gives a forecast
regarding the coming financial performance of the company. The advertising and the overall
marketing strategy must be strong in order to compete with the present competitors of the
company (De Mooij 2018). Thus effective pricing strategy must be done in order to attract the
potential customers in the market.
Financial Background
The management of the company would be requiring appropriate finances in order to
ensure that the new businesses can operate smoothly. The management of the company would
also be considering the current earnings of the business and how the same can be further
enhanced if the new proposed business line in implemented (Burns and Dewhurst 2016). The
management of the company can effectively use the capital of the business for meeting the
requirements of the new plan which is being formulated by the management of the company.
As per the requirement of the business would be requiring appropriate financing
requirements and also meet start up costs for the purpose of financing the activities of the
business. The forecasted expenses and income of the business for a period of 6 months is shown
below:
Projected Income statement for a period of 6 months
Particulars Estimated Actual
Sales 900,000 650,000
18
DEVELOP AND IMPLEMENT BUSINESS PLAN
Cost of sales 270,000 227,500
Gross profit 630,000 422,500
Expenses
Rent 36,000 36,000
Salaries/Wages 330,000 330,000
Utilities 9,000 10,000
Advertising and sales promotions 12,000 15,000
Others 6,000 14,000
Total expenses 393,000 405,000
Net profit before tax 237,000 17,500
Tax @ 30% (Income Tax) 71100 5250
Net profit 165,900 12,250
The above table shows the financing requirements for the project which is being planned
by the management of the company. The estimates are considered after analysing the local
restaurants which are operating in the region. The net profit is estimated to be $ 71,100 which is
shown after considering all the necessary expenses which the management of the company might
be incurring during the period.
Risk Analysis
The main risks which the management of the company can identify is from the
competitors as the level of competition in the industry is quite high. The management of the
company is trying to use its reputation in the market for the purpose of ensuring that new
business can be established in the market. The management of Coffeeville also has identified that
one of the major concerns for the business is attracting the customers for which the management
of the company anticipates that significant amount of expenses needs to be incurred on
advertisement and promotions.
DEVELOP AND IMPLEMENT BUSINESS PLAN
Cost of sales 270,000 227,500
Gross profit 630,000 422,500
Expenses
Rent 36,000 36,000
Salaries/Wages 330,000 330,000
Utilities 9,000 10,000
Advertising and sales promotions 12,000 15,000
Others 6,000 14,000
Total expenses 393,000 405,000
Net profit before tax 237,000 17,500
Tax @ 30% (Income Tax) 71100 5250
Net profit 165,900 12,250
The above table shows the financing requirements for the project which is being planned
by the management of the company. The estimates are considered after analysing the local
restaurants which are operating in the region. The net profit is estimated to be $ 71,100 which is
shown after considering all the necessary expenses which the management of the company might
be incurring during the period.
Risk Analysis
The main risks which the management of the company can identify is from the
competitors as the level of competition in the industry is quite high. The management of the
company is trying to use its reputation in the market for the purpose of ensuring that new
business can be established in the market. The management of Coffeeville also has identified that
one of the major concerns for the business is attracting the customers for which the management
of the company anticipates that significant amount of expenses needs to be incurred on
advertisement and promotions.
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DEVELOP AND IMPLEMENT BUSINESS PLAN
Licensing Requirements
The management of the company also would be requiring appropriate licensing for the
restaurants so that it can operate in the region. The management of the company would be
requiring a hygiene clearance from the authorities so that the management can effectively
operate. This would also be attracting more customers to the business on a regular level.
Conclusion
The above discussion shows that the management of the company is trying to expand the
operations of the business. The business plan is aimed towards enhancing the revenue and
profitability of the business. The management of the company would also be considering the
organizational structure and business structure of the business. The business would also be
managing the operations of the business.
Business Plan Implementation
The management of the company needs to take appropriate financing decisions which can
enhance the profitability of the business. The business plan implementation process must be
covered considering the current operations of the business. The business plan needs to be
discussed with the stakeholders and management and the same needs to be discussed in meeting
Agenda
To discuss in detail regarding the business which is being proposed by the management
of the company.
To put forward a financing plan for the business along with recruitment plan for new
employees of the business.
To encourage any additions or suggestions which can be made to the plan.
To decide a date for commencing the timeframe for the planned business.
DEVELOP AND IMPLEMENT BUSINESS PLAN
Licensing Requirements
The management of the company also would be requiring appropriate licensing for the
restaurants so that it can operate in the region. The management of the company would be
requiring a hygiene clearance from the authorities so that the management can effectively
operate. This would also be attracting more customers to the business on a regular level.
Conclusion
The above discussion shows that the management of the company is trying to expand the
operations of the business. The business plan is aimed towards enhancing the revenue and
profitability of the business. The management of the company would also be considering the
organizational structure and business structure of the business. The business would also be
managing the operations of the business.
Business Plan Implementation
The management of the company needs to take appropriate financing decisions which can
enhance the profitability of the business. The business plan implementation process must be
covered considering the current operations of the business. The business plan needs to be
discussed with the stakeholders and management and the same needs to be discussed in meeting
Agenda
To discuss in detail regarding the business which is being proposed by the management
of the company.
To put forward a financing plan for the business along with recruitment plan for new
employees of the business.
To encourage any additions or suggestions which can be made to the plan.
To decide a date for commencing the timeframe for the planned business.
20
DEVELOP AND IMPLEMENT BUSINESS PLAN
Minutes
Location:
Date:
Timing
Venue:
The meeting was conducted with a main aim for discussing the terms for fulfilling the
requirement of the business for implementing the new business plan of opening a restaurant. The
meeting proceeded with the discussion on financing, operational, human resources and physical
resources requirements of the business. The meeting concluded with the decisions regarding the
timeframe which the management would be following for implementing the business plan
DEVELOP AND IMPLEMENT BUSINESS PLAN
Minutes
Location:
Date:
Timing
Venue:
The meeting was conducted with a main aim for discussing the terms for fulfilling the
requirement of the business for implementing the new business plan of opening a restaurant. The
meeting proceeded with the discussion on financing, operational, human resources and physical
resources requirements of the business. The meeting concluded with the decisions regarding the
timeframe which the management would be following for implementing the business plan
21
DEVELOP AND IMPLEMENT BUSINESS PLAN
Assessment 3
a) To measure the performance of a business there some instruments has been using. These
instruments can broadly classify as the financial instrument, market measurement
instruments and economic parameters (Sadgrove 2016). The major financial indicators are
gross profit margin, which address about whether the pricing of the goods and services are
correctly marked. Similarly, other financial instruments like net profit margin that inform
about what percentage you have made profit to your revenue, net profit, current ratio to
know about the ability of the firm to meet the short-term obligation.
For, measuring the market performance the most viable strategies and instruments are
demand forecasting which will tell about what quantity of goods the company should produce
and to avoid the losses, market share of the company admit about position of the company that
where it is stands in the industry. Benchmarking should establish with respect to the nearest rival
of the company or the top performer in the industry to increase the quality of the performance.
The measure the performance in economic point of view the company can consider about
the break-even analysis and business life cycle. Break even analysis enhance the business to
achieve the break-even point where there it able to cover all the cost incurred and beyond this it
will gain profit while business life cycle informs about where your business’s position in the life
cycle. This, help the business to frame its strategy to avoid the downfall of the company.
DEVELOP AND IMPLEMENT BUSINESS PLAN
Assessment 3
a) To measure the performance of a business there some instruments has been using. These
instruments can broadly classify as the financial instrument, market measurement
instruments and economic parameters (Sadgrove 2016). The major financial indicators are
gross profit margin, which address about whether the pricing of the goods and services are
correctly marked. Similarly, other financial instruments like net profit margin that inform
about what percentage you have made profit to your revenue, net profit, current ratio to
know about the ability of the firm to meet the short-term obligation.
For, measuring the market performance the most viable strategies and instruments are
demand forecasting which will tell about what quantity of goods the company should produce
and to avoid the losses, market share of the company admit about position of the company that
where it is stands in the industry. Benchmarking should establish with respect to the nearest rival
of the company or the top performer in the industry to increase the quality of the performance.
The measure the performance in economic point of view the company can consider about
the break-even analysis and business life cycle. Break even analysis enhance the business to
achieve the break-even point where there it able to cover all the cost incurred and beyond this it
will gain profit while business life cycle informs about where your business’s position in the life
cycle. This, help the business to frame its strategy to avoid the downfall of the company.
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DEVELOP AND IMPLEMENT BUSINESS PLAN
b)
Description Budgeted ($) Actual ($) Variance (%) U or F
sales 900,000 650,000 27.77777778 U
cost of sales 270,000 227,500 15.74074074 U
gross profit 630,000 422,500 32.93650794 U
Expanses
Rent 36,000 36,000 0 F
Salaries/Wages 330,000 330,000 0 F
Utilities 9,000 10,000 -11.11111111 U
Advertising and sales promotion 12,000 15,000 -25 U
Others 6,000 14,000 -133.3333333 U
Net profit Before tax 237,000 17,500 92.61603376 U
Tax @ 30% (Income tax) 71,100 12,250 82.77074543 F
Net profit Before tax 165,900 5,250 96.83544304 U
The acceptance level of variance in the business should be from 0% to 5% as the
company is investing more than 200000 dollars.
DEVELOP AND IMPLEMENT BUSINESS PLAN
b)
Description Budgeted ($) Actual ($) Variance (%) U or F
sales 900,000 650,000 27.77777778 U
cost of sales 270,000 227,500 15.74074074 U
gross profit 630,000 422,500 32.93650794 U
Expanses
Rent 36,000 36,000 0 F
Salaries/Wages 330,000 330,000 0 F
Utilities 9,000 10,000 -11.11111111 U
Advertising and sales promotion 12,000 15,000 -25 U
Others 6,000 14,000 -133.3333333 U
Net profit Before tax 237,000 17,500 92.61603376 U
Tax @ 30% (Income tax) 71,100 12,250 82.77074543 F
Net profit Before tax 165,900 5,250 96.83544304 U
The acceptance level of variance in the business should be from 0% to 5% as the
company is investing more than 200000 dollars.
23
DEVELOP AND IMPLEMENT BUSINESS PLAN
Factor influencing the product failure:
Charging high price
High competitive in the market
Taste of the food
Less demand in the market
Performance Reports
The management would be analysing the performance report of the new business plan on
the basis of the reports which is formulated by the management of the company during the
period. The performance reports would be submitted to the management of the company on a
monthly basis so that appropriate performance of the business can be established (Bhanot and
Singh 2014). The management of the company needs to appropriately set targets on the basis of
which performance of the business would be analysed.
Application of Benchmarking
The management of the company can apply benchmarking techniques for the purpose of
making comparisons between the policies which is followed in the business and those policies
which is followed by its close competitors (Caiazza 2014). The benchmarking function of the
business would be implemented in order to ensure that the policies of the business are
appropriate and can follow a trend which is closely followed in the market.
DEVELOP AND IMPLEMENT BUSINESS PLAN
Factor influencing the product failure:
Charging high price
High competitive in the market
Taste of the food
Less demand in the market
Performance Reports
The management would be analysing the performance report of the new business plan on
the basis of the reports which is formulated by the management of the company during the
period. The performance reports would be submitted to the management of the company on a
monthly basis so that appropriate performance of the business can be established (Bhanot and
Singh 2014). The management of the company needs to appropriately set targets on the basis of
which performance of the business would be analysed.
Application of Benchmarking
The management of the company can apply benchmarking techniques for the purpose of
making comparisons between the policies which is followed in the business and those policies
which is followed by its close competitors (Caiazza 2014). The benchmarking function of the
business would be implemented in order to ensure that the policies of the business are
appropriate and can follow a trend which is closely followed in the market.
24
DEVELOP AND IMPLEMENT BUSINESS PLAN
Performance Review for the New Business
As shown in the variance analysis table which is provided above, the performance of the
business is not up to the mark as the variable table represent a lo0t of variances which has
affected the operations of the business. The management has not been able to achieve the sales
level which the management of the company had anticipated earlier in the budget and also due to
these reasons the profit which is generated by the management of the company is shown to be
significantly low.
DEVELOP AND IMPLEMENT BUSINESS PLAN
Performance Review for the New Business
As shown in the variance analysis table which is provided above, the performance of the
business is not up to the mark as the variable table represent a lo0t of variances which has
affected the operations of the business. The management has not been able to achieve the sales
level which the management of the company had anticipated earlier in the budget and also due to
these reasons the profit which is generated by the management of the company is shown to be
significantly low.
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Reference
Bhanot, N. and Singh, H., 2014. Benchmarking the performance indicators of Indian Railway
container business using data envelopment analysis. Benchmarking: An International
Journal, 21(1), pp.101-120.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Caiazza, R., 2014. Benchmarking of business incubators. Benchmarking: An International
Journal, 21(6), pp.1062-1069.
Chang, X.S., Chen, Y., Fu, K. and Yang, E., 2018. Institutional investor horizons, information
environment, and firm financing decisions. Information Environment, and Firm Financing
Decisions (December 12, 2018).
Chung, N., Song, H.G. and Lee, H., 2017. Consumers’ impulsive buying behavior of restaurant
products in social commerce. International Journal of Contemporary Hospitality
Management, 29(2), pp.709-731.
De Mooij, M., 2018. Global marketing and advertising: Understanding cultural paradoxes.
SAGE Publications Limited.
Gond, J.P., Cabantous, L., Harding, N. and Learmonth, M., 2016. What do we mean by
performativity in organizational and management theory? The uses and abuses of
performativity. International Journal of Management Reviews, 18(4), pp.440-463.
DEVELOP AND IMPLEMENT BUSINESS PLAN
Reference
Bhanot, N. and Singh, H., 2014. Benchmarking the performance indicators of Indian Railway
container business using data envelopment analysis. Benchmarking: An International
Journal, 21(1), pp.101-120.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Caiazza, R., 2014. Benchmarking of business incubators. Benchmarking: An International
Journal, 21(6), pp.1062-1069.
Chang, X.S., Chen, Y., Fu, K. and Yang, E., 2018. Institutional investor horizons, information
environment, and firm financing decisions. Information Environment, and Firm Financing
Decisions (December 12, 2018).
Chung, N., Song, H.G. and Lee, H., 2017. Consumers’ impulsive buying behavior of restaurant
products in social commerce. International Journal of Contemporary Hospitality
Management, 29(2), pp.709-731.
De Mooij, M., 2018. Global marketing and advertising: Understanding cultural paradoxes.
SAGE Publications Limited.
Gond, J.P., Cabantous, L., Harding, N. and Learmonth, M., 2016. What do we mean by
performativity in organizational and management theory? The uses and abuses of
performativity. International Journal of Management Reviews, 18(4), pp.440-463.
26
DEVELOP AND IMPLEMENT BUSINESS PLAN
Jogaratnam, G. (2017). The effect of market orientation, entrepreneurial orientation and human
capital on positional advantage: Evidence from the restaurant industry. International Journal of
Hospitality Management, 60, 104-113.
Kotler, P., Burton, S., Deans, K., Brown, L. and Armstrong, G., 2015. Marketing. Pearson
Higher Education AU.
Nicholas, J.M. and Steyn, H., 2017. Project management for engineering, business and
technology. Routledge.
Noe, R.A., Hollenbeck, J.R., Gerhart, B. and Wright, P.M., 2017. Human resource management:
Gaining a competitive advantage. New York, NY: McGraw-Hill Education.
Sadgrove, K., 2016. The complete guide to business risk management. Routledge.
Sajid, S. I. (2016). Social media and its role in marketing.
Zhang, Y. and Wen, J., 2017. The IoT electric business model: Using blockchain technology for
the internet of things. Peer-to-Peer Networking and Applications, 10(4), pp.983-994.
DEVELOP AND IMPLEMENT BUSINESS PLAN
Jogaratnam, G. (2017). The effect of market orientation, entrepreneurial orientation and human
capital on positional advantage: Evidence from the restaurant industry. International Journal of
Hospitality Management, 60, 104-113.
Kotler, P., Burton, S., Deans, K., Brown, L. and Armstrong, G., 2015. Marketing. Pearson
Higher Education AU.
Nicholas, J.M. and Steyn, H., 2017. Project management for engineering, business and
technology. Routledge.
Noe, R.A., Hollenbeck, J.R., Gerhart, B. and Wright, P.M., 2017. Human resource management:
Gaining a competitive advantage. New York, NY: McGraw-Hill Education.
Sadgrove, K., 2016. The complete guide to business risk management. Routledge.
Sajid, S. I. (2016). Social media and its role in marketing.
Zhang, Y. and Wen, J., 2017. The IoT electric business model: Using blockchain technology for
the internet of things. Peer-to-Peer Networking and Applications, 10(4), pp.983-994.
1 out of 27
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