Business Plan Review & Modification
Added on 2020-04-07
6 Pages1224 Words137 Views
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Developing a business plan (BSBMGT617)Student Id -VTI17T880In this report the existing business plan of Vocational hotel is reviewed, evaluated, analyzed and modified were needed where required to have a profitable business operation for the future. Strategic planThe existing strategic plan of Vocational Hotel of year 2016-2018 has its goal towardstargeting the customers to make this hotel one of the best in the market among the visitors ofMelbourne. However, enhance their reputation in the market they must also focus on thesustainability development. Along with this, they must also start a staff-training programme forbetter supervision on the staff’s efficiency (Rojas-Arce et al. 2012). Business planThe owners of Vocational Hotel named Bill Smith and Lyn carter who started thisbusiness by investing just $100,000 each with a mortgage so that they can buy the property andthey took a loan for their business for $100,000. However, its mission should not only to becomenumber one hotel in the market but also to make some profit out of it. Apart from this, they must
also attract customers in all season because currently they are only focusing on skiers andsummer visitors. Operational planAn operational plan is very important for this hotel, as this will notify better-plannedmanagement of their resources. However, apart from the departments that the hotel is currentlyholding there must be certain additions as groups of staff at the reception who will be responsiblefor welcoming the guests and help them reach their respective rooms. Thus, together with otherteams or departments they can contribute in achieving the company’s success.Analysis of existing mission, vision, values and objectivesThe existing visionof this hotel of being number one among the visitors should alsofocus on satisfying its guest more than being number one. This vision can be achieved if theyfollow the mission of improving themselves every other day. Their mission must have a multi-skilled workforce and a user-friendly technology increasing value. They must incorporate certainchanges in the objectives as well like to increase little bit on occupancy rates at lean seasons andstart a training program for the staffs to be more impactful. Apart from these the vision of theorganization will be to upgrade the sustainability approach in their business activities. Theirexisting vision is already to become number one in the list of their visitors but along with it theymust also become the first choice of their business partners, shareholders and colleagues. StakeholdersThe stakeholders of Vocational hotel are the investors or the owners Bill Smith and Lyncarter, the management companies who have imparted their brand, leadership and expertise. The
PR agencies can also be called as a stakeholder for this hotel and lastly, the project manager wholooks after the projects oversees and supervises timeline (de Grosbois 2012). Lastly theEmployees as well as the customers are also the stakeholders of the company. Employees are theinternal stakeholders whereas customers are the external stakeholders; thus, both are importantstakeholders in an organization. Employees play a vital part in earning the revenue for theorganization and without the customers business won’t last so they are essential. Product, service and pricing strategy and the target marketApart from the products and services the hotel is currently serving, they must also bringcertain variety for their guests so that the experiences of the guests at their hotels also come intotheir notice. They must start with giving their guests free breakfast and onsite day spa. Pricingstrategy should depend as par with the competition. The consumers that are targeted are theskiers and summer tourists. Now they must also target the tourists for all seasons along with thebusinesspersons who can avail their services for business purposes (Mohammed and Rashid2012). KPIs and benchmarksKPIs are the key performance indicators are the measurable values that signifies anyorganizations attaining the business objectives (Parmenter 2015). For victoria hotel the KPIs canbe-•Online rating•Percentage of occupancy•The average daily rate
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