Business Plan Review & Modification

This assignment reviews and evaluates the existing business plan of Vocational Hotel, identifying areas for improvement and modification. It analyzes the hotel's current strategies, financial requirements, legal considerations, and key performance indicators (KPIs), proposing actionable recommendations to enhance profitability and sustainability in the future.

Developing a business plan (BSBMGT617)
Student Id -VTI17T880
In 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 plan
The existing strategic plan of Vocational Hotel of year 2016-2018 has its goal towards
targeting the customers to make this hotel one of the best in the market among the visitors of
Melbourne. However, enhance their reputation in the market they must also focus on the
sustainability development. Along with this, they must also start a staff-training programme for
better supervision on the staff’s efficiency (Rojas-Arce et al. 2012).
Business plan
The owners of Vocational Hotel named Bill Smith and Lyn carter who started this
business by investing just $100,000 each with a mortgage so that they can buy the property and
they took a loan for their business for $100,000. However, its mission should not only to become
number 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 and
summer visitors.
Operational plan
An operational plan is very important for this hotel, as this will notify better-planned
management of their resources. However, apart from the departments that the hotel is currently
holding there must be certain additions as groups of staff at the reception who will be responsible
for welcoming the guests and help them reach their respective rooms. Thus, together with other
teams or departments they can contribute in achieving the company’s success.
Analysis of existing mission, vision, values and objectives
The existing vision of this hotel of being number one among the visitors should also
focus on satisfying its guest more than being number one. This vision can be achieved if they
follow 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 certain
changes in the objectives as well like to increase little bit on occupancy rates at lean seasons and
start a training program for the staffs to be more impactful. Apart from these the vision of the
organization will be to upgrade the sustainability approach in their business activities. Their
existing vision is already to become number one in the list of their visitors but along with it they
must also become the first choice of their business partners, shareholders and colleagues.
Stakeholders
The stakeholders of Vocational hotel are the investors or the owners Bill Smith and Lyn
carter, 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 who
looks after the projects oversees and supervises timeline (de Grosbois 2012). Lastly the
Employees as well as the customers are also the stakeholders of the company. Employees are the
internal stakeholders whereas customers are the external stakeholders; thus, both are important
stakeholders in an organization. Employees play a vital part in earning the revenue for the
organization and without the customers business won’t last so they are essential.
Product, service and pricing strategy and the target market
Apart from the products and services the hotel is currently serving, they must also bring
certain variety for their guests so that the experiences of the guests at their hotels also come into
their notice. They must start with giving their guests free breakfast and onsite day spa. Pricing
strategy should depend as par with the competition. The consumers that are targeted are the
skiers and summer tourists. Now they must also target the tourists for all seasons along with the
businesspersons who can avail their services for business purposes (Mohammed and Rashid
2012).
KPIs and benchmarks
KPIs are the key performance indicators are the measurable values that signifies any
organizations attaining the business objectives (Parmenter 2015). For victoria hotel the KPIs can
be-
• Online rating
• Percentage of occupancy
• The average daily rate

• The revenue per available room
• Satisfaction of the customers
• Return of investment
However, the benchmark must be set the standard of excellence, upheaval and extraordinary
services to their guests in their hotels.
Financial and human resource requirements
Finance department is responsible for the money in and out in a business, payroll,
preparing the financial reports, balance sheets and budgets and most importantly to avoid error,
fraud or theft in any monetary aspect. On the other hand, the HR deals with recruiting, retention,
compensation, liability and labour (Boella and Goss-Turner 2013). Thus, the company will be
needing investors that are the ultimate financial requirement for hotel business along with the
Human resource employees in the health and safety area of the guest and in the area of risk
management where they can inspect and identify the harm and act to it immediately.
Law and legislation requirements
For any business, it is very important to meet the requirements of the government.
However, for a hotel business the first and foremost task is to register with the local council
under the Heath regulation 2001. Then they need to register for the food under Food act 1984.
Other registrations will be for taxes, for serving alcohol, for playing music (Howard, Gordon and
Jones 2014).

Thus to conclude this report it can be said that the existing business plan needs certain
changes that are reviewed and evaluated in this new one that can help the Vocational hotel to
have a smooth profitable business in future.

Reference
Boella, M. and Goss-Turner, S., 2013. Human resource management in the hospitality industry:
A guide to best practice. Routledge.
de Grosbois, D., 2012. Corporate social responsibility reporting by the global hotel industry:
Commitment, initiatives and performance. International Journal of Hospitality Management,
31(3), pp.896-905.
Howard, S.J., Gordon, R. and Jones, S.C., 2014. Australian alcohol policy 2001–2013 and
implications for public health. BMC public health, 14(1), p.848.
Mohammed, A.A. and Rashid, B., 2012. Customer Relationship Management (CRM) in Hotel
Industry: A framework proposal on the relationship among CRM dimensions, Marketing
Capabilities, and Hotel performance. International Review of Management and Marketing, 2(4),
p.220.
Parmenter, D., 2015. Key performance indicators: developing, implementing, and using winning
KPIs. John Wiley & Sons.
Rojas-Arce, J., Gelman, O. and Suárez-Rocha, J., 2012. The methodology for strategic plan
implementation. Journal of applied research and technology, 10(2), pp.248-262.