BSBMGT617: Develop and Implement a Business Plan - Project 1

This document presents a student's project for BSBMGT617, focusing on the development and implementation of a business plan, using 'Pride', a British online fashion retailer, as a case study. The project addresses key aspects such as aligning business and strategic plans, resource allocation (financial, human, educational), data collection methods (consumer surveys, supply forecasts), stakeholder consultation, and strategies for internal communication and employee skill development. The plan aims to enhance the company's focus on plus-size fashion, improve investor relations, and identify potential weaknesses for strategic correction. The student provides detailed answers to specific questions regarding the plan's formulation, data verification, and expected benefits to the business.

ADV DIPLOMA OF LEADERSHIP & MANAGEMENT
BSBMGT617 DEVELOP AND IMPLEMENT A
BUSINESS PLAN
Project 1
(Insert an image here)
By
(Add your name & date here)
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Summative assessment 2
Project 1
 1. This project will enable you to demonstrate skill and underpinning knowledge—critical aspects for assessment, required skills and
knowledge—and produce end products suitable for use in the work place. (If you are not working you will need to discuss, with your
assessor, how you can address this as a simulation or how you can address it in terms of a company for which you have previously
worked).
You must develop and implement a business plan.
The plan must be clearly articulated and formatted in such a way that makes it acceptable to business organisation. It must contain all of
the necessary elements and must be informed by accurate, current, relevant and useful data/ information. Graphs, charts, tables etc can
be used and any information that is relevant but not necessarily required for inclusion in the plan can be included in an appendix.
The plan could apply to the business as a whole or to a proposed new venture.
Submit, to your assessor, the completed business plan and detailed answers to the following questions:
1. Explain the ways in which the business and strategic plans of the organisation fit together.
2. What concepts and ideas were considered?
3. Summarise the required resources and the personnel involved in and affected by the plan.
4. What data/ information did you use when formulating the plan?
5. With whom did you consult and why did you consult with these people?
6. Explain the sources from which you gathered data/ information.
7. How did you verify the currency, reliability and usefulness of the data/ base information you collected?
8. Explain how the plan will benefit the business.
9. How do you communicate this plan to other personnel in the business and how would you ensure that they support and
commit to the business plan?
10. Will the plan make any differences to the skills and competencies required by employees; and if it does, what action will
you take?
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Table of Contents
BSBMGT617 DEVELOP AND IMPLEMENT A BUSINESS PLAN................................................1
Summative assessment 2................................................................................................2
Project 1.......................................................................................................................2
Introduction........................................................................................................................4
Write 3-4 paragraphs that introduce your business and aims to tell an audience about
your products or services. However, a company introduction shouldn't just tell your
audience what you do - it should also tell viewers why you do it. A company introduction
often includes a compelling story about how the company began, as well as the
company's vision and values..............................................................................................4
Explain the ways in which the business and strategic plans of the organisation fit
together..............................................................................................................................5
What concepts and ideas were considered?.......................................................................5
Discuss these AND OTHERS as they relate to your organization:....................................5
Concept of a Business Plan Definition.............................................................................5
High-Level Concept of Planning.......................................................................................5
Preparing for Plan Execution............................................................................................5
Summarise the required resources and the personnel involved in and affected by the
plan.....................................................................................................................................6
Discuss these AND OTHERS as they relate to your organization:....................................6
Financial Resources: Funding .........................................................................................6
Human Resources: Employees........................................................................................6
Educational Resources: Industry Know How....................................................................6
Physical Resources: Premises and Equipment.................................................................6
Emotional Resources: Support Systems
........................................................................................................................................6
What data/ information did you use when formulating the plan?.......................................6
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Your plan needs to consider as much information as possible from everyone involved.
Where applicable discuss these AND OTHERS as they relate to your organization:........6
consumer surveys on satisfaction, .................................................................................6
supplier projections for costs over a given time frame, ..................................................6
consumer inputs on needs...............................................................................................6
shareholder views. ..........................................................................................................6
What can senior management, middle management and teams or individuals within
(and outside of) the organization offer that helps you? ..................................................6
With whom did you consult and why did you consult with these people?..........................7
Explain the sources from which you gathered data/ information.......................................7
How did you verify the currency, reliability and usefulness of the data/ base information
you collected?.....................................................................................................................7
Explain how the plan will benefit the business...................................................................8
How do you communicate this plan to other personnel in the business and how would
you ensure that they support and commit to the business plan?.......................................8
Will the plan make any differences to the skills and competencies required by
employees; and if it does, what action will you take?.........................................................8
Develop and Implement a Business Plan. ..........................................................................9
References........................................................................................................................10
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Introduction
Write 3-4 paragraphs that introduce your business and aims to tell an audience about your products or
services. However, a company introduction shouldn't just tell your audience what you do - it should also
tell viewers why you do it. A company introduction often includes a compelling story about how the
company began, as well as the company's vision and values.
Pride is a British online fashion retailer company. It was founded in 2019 in England. The company
headquarter is located in London. UK. The mission of the company is to become the world's number one in
fashion industry. The aim of the company is to focus on young adults by offering them plus size clothes.
The company specializes in fast fashion products that includes clothing, accessories and footwear for
the plus sizes. The new action plan of the company is to specialize in swimwear range for plus sizes. Pride
stores have men and women clothing as well as children's clothing. The majority of its customers range from
16 to mid 30s. It takes products 10-15 days to reach the stores after they are designed.
Explain the ways in which the business and strategic plans of the organisation fit
together.
It is not uncommon that the term strategic plan and business plan get confused in the business world. While a strategic plan is a type of business
plan, there are several important distinctions between the two types that are worth noting. One way to grasp the difference is by understanding
the difference in ‘scale’ between a strategic plan and a business plan. Larger organizations with multiple business units and a wide variety of
products frequently start their annual planning process with a corporate-driven strategic plan. It is often followed by departmental plans and
marketing plans that work down from the Strategic Plan. Smaller companies and start-up companies typically use only a business plan to develop
all aspects of the business on paper, obtain funding and then start the business. Many smaller companies – including start-ups never develop a
Strategic Plan. Write 3-4 paragraphs on these issues and about how you want to expand your operations.
The business and strategic plan is very important tool for every organization. A good plan helps the
organization in focusing on the steps that are necessary for success and growth of business. But it also helps in
achieving the short and long term goals. With an an effective plan it helps Pride in numerous ways such as:
It helps the company in raising funds from investors. With a descriptive plan of how the company will
achieve its goals through various strategies will help in giving an insight about the company to potential
investor which will help the company in raising funds. Also, it will be helpful in identifying potential
weaknesses and take corrective action through formulating new strategies
What concepts and ideas were considered?
Discuss these AND OTHERS as they relate to your organization:
Concept of a Business Plan Definition
A business plan is a written document which shows the core activities of the organization, its objective and its
plan of achieving these objectives.
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High-Level Concept of Planning
The Pride aims at offering a wider range of plus size clothes to men and women through online store. For
achieving its aims, it needs to allocate its resources such as financial, human, educational in such a manner
that it time efficient and cost efficient.
Preparing for Plan Execution
Pride for the execution of its plan, it has identified the various sources from where it can acquire its funds and
resources so that the business plan can be executed. It has also analyses the need for new supply chain to
acquire its product.
Summarise the required resources and the personnel involved in and affected by
the plan.
Discuss these AND OTHERS as they relate to your organization:
Financial Resources:
Financial resource is one of the most important resource that is required for the functioning of the business.
Pride acquires its financial resources through two types of funding that are angle investors and working capital
loan. Angle investors are high worth individual investors who provides funding in exchange of stake of
ownership. They are a very good source of funding as they provide low interest rates unlike other sources. And
working capital will help the company in fulfilling its short term financial needs.
Human Resources:
Employees are one of the most crucial and most important resource of an organization as they drive revenue.
The success of a business depends on employees of the organization. With proper guidance and training they
can help in reducing the cost while increasing the revenue.
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What data/ information did you use when formulating the plan?
Your plan needs to consider as much information as possible from everyone involved. Where applicable discuss these AND OTHERS as they relate
to your organization:
Consumer surveys on satisfaction- Customer satisfaction surveys will help the company in obtaining the
positive as well as negative perceptions of the consumers which will help them in improving their sales
and marketing efforts. So that they can provide atmost satisfaction to their customers.
Supply forecast- Proper forecasting of the supply will help the company ensuring that it has enough supply in
hand to satisfy its demand. It is very important because if there is overestimation of supply it will result
in bloated inventory creating dead stock and incurring high costs.
Consumer inputs on needs- The company can use various methods like questionnaires, interviews, and
feedback forms that will help them in analyzing the needs of their customers.
What can senior management, middle management and teams or individuals within (and outside of) the
organization offer that helps you?
The management of organization plays a very important role in the success of the business. It is the
core of a business. Different level of management affect different factors of the organization. The senior level
management can formulate policies that fulfills the needs and requirements of the customers by providing
them higher satisfaction. The middle management can offer to frame plans that will help in achieving these
goals. And the individuals in the company can offer to execute these plans in an effective manner.
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With whom did you consult and why did you consult with these people?
You are only one person, with the experience and skill sets of only one person. Write a few paragraphs discussing who you can collaborate with in
order to confirm your thoughts.
Why might you need to gain the benefits of outside opinion and will these opinions actually be of benefit?
Discuss how the following Key stakeholders should be involved in business planning: employees, unions, customers, vendors, shareholders,
regulatory agencies, owners, supply chain partners, community members, and others who depend on and/or serve the organization.
Starting a business is not a one man process. It requires skills and knowledge of various elements ans
requires expertise. Various stakeholders were involved in the business planning. It involved owner and
investors that helped in identifying the various sources for acquiring resources. Also, it included vendors and
supplier that helped the company in analyzing how supply of goods and services can be made in cost effective
and time efficient way. Mainly, it involves consumer, as they helped in analyzing and identifying the needs and
requirements of the customers.
Explain the sources from which you gathered data/ information.
Discuss these AND OTHERS as they relate to your organisation. (For example only, DO NOT copy this,
change/add extra information as required).
Primary data sources such as observations, surveys, interviews, and focus groups.
Secondary data sources research articles, Internet or library searches, etc. This may also include preexisting
data such as records and data already within the program: publications and training materials, financial
records, student/client data, performance reviews of staff, etc.
The sources used in gathering data were primary as well as secondary. That is various surveys and
interviews were done to analyze the customer needs and requirements. Also, meeting were held with senior
management and investors for requirement and acquisition of funds. Secondary data such as fashion journals
and magazines were used for idea generation and creation of designs.
How did you verify the currency, reliability and usefulness of the data/ base
information you collected?
You will be gathering information from a variety of types of sources for your research projects including books,
newspaper articles, magazine articles, specialized databases, managers, staff, industry organizations and
websites. As you examine each source, it is important to evaluate each source to determine the quality of the
information provided within it. Does the source provide you with high-quality information? Is the information
useful in answering your questions and meeting your information need?
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Discuss these Common evaluation criteria AND OTHERS as they relate to your organization:
Currency and timeliness
Objectivity or bias
Authority and credibility
Accuracy and reliability
The two sources from where the data was collected were through primary and secondary sources. It
can be said that the data collected from the primary sources such as through surveys and interviews are
reliable and accurate as they were collected directly through the customers that are not subject to any
personal biasness and are authentic. Also, they were collected in real time not like from any old sources that
helps the business in providing data which is accurate and analyses the market trends accurately and provide
the business with high quality information. On the other hand the data collected through magazines and
journal are not that reliable in compared to the primary data but it helps the business in evaluating and
analyzing the market trends.
Explain how the plan will benefit the business.
Business planning offers serious benefits for everybody in business. Discuss these AND OTHERS as they relate
to your organization:
There are various benefits of business planning such as:
1. See the business as a whole- With right business planning, it connects all the dots and provides a whole
picture by setting priorities to formulating strategies in achieving objectives.
2. Strategic focus- It is very important for small businesses to focus on their traget markets and their
special products so that their products are tailored to match the requirements of markets.
3. Manage cash- With proper planning it will help the business to utilize its limited resources efficiently.
How do you communicate this plan to other personnel in the business and how
would you ensure that they support and commit to the business plan?
Below are a number of factors that will be needed in order to communicate strategy more effectively. Discuss
these as they relate to your organization:
1. Plan Communication Requires Listening Skills
2. Plan Communication Never Ends
3. Plan Communication Requires Perspective
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4. Plan Communication Requires Clear 'Next-Steps'
5. Not Everyone Will Love Your New Plan
A business plan should clarify and focus on the vision, goals, strategies of a business. In order to
communicate the plan to personnel, it is important to keep in mind that the plan provides clarity, simplicity
and focus without any ambiguity so that it can elevate participation and engagement. To communicate the
business plan the company can call for an all company meeting which includes all the shareholders and the
management and present the business plan. To ensure that every personnel support their business plan, the
company needs to communicate its business plan in a way which clearly describes its perspectives and the
steps of actions, so that there is clarity in achieving the objective.
Will the plan make any differences to the skills and competencies required by
employees; and if it does, what action will you take?
Employees, unions, customers, vendors, shareholders, regulatory agencies, owners, supply chain partners,
community members, and others who depend on and/or serve the organization may be affected by
changes brought on through your Business Plan. Will they need new skills? If so, what skills, and how will
they get them? You may need to engage in ‘Workforce planning’. There is also an element of continual
analysis of workforce effectiveness and implementing the necessary measures, such as learning and
development initiatives, to ensure the workforce remains efficient. Discuss these (and other) ideas as
they relate to your organisation.
Yes, the new business plan will affect the organization. That is there will change in the workforce
planning, distribution channel and supply chain and so on. With the change in business plan, employees of
the company will require training in development of new product range, so that they can increase their
efficiency and productivity to meet the goals of the company. Also, there will change in the supply chain
process as new supply chains will be established . So, in order to have an effective implementation of
business plan, the company will require to have an effective workforce planning that will help the
company in assessing that they have the right skills in the right place at the right times.
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Develop and Implement a Business Plan.
Different companies require different types of business plan. Depending on your business model, your revenue structure and many other factors.
However, there are some elements of a business plan that are absolutely key to making sure that the reader understands how your company works
and plans on growing.
1. Executive Summary
The Executive Summary is the first section of your business plan, and also the last one you should write. It represents the reader’s first impression
of your business. As a result, it will likely define their opinion as they continue reading the business plan.
The most important function that a great Executive Summary serves is communicating to the reader why they should read the rest of the business
plan, and why you want them to.
2. Business Overview
After the Executive Summary, a business plan starts with a comprehensive explanation of what your business proposition is and how it relates to
the market where your company operates.
Make sure to include:
 Your mission statement;
 The philosophy, vision and goals of your company;
 Your industry and target audience;
 The structure of your business, detailing your customers, suppliers, partners and competitors;
 Your products and services and the problem they solve;
 Unique Selling Point(s).
3. Sales & Marketing Strategy
This section of the business plan requires a deep understanding of your market space and how your business positions itself within its niche and
competes with existing players.
Within your Sales & Marketing strategy, you should outline:
 A definition of your target market ;
 An assessment of your market ;
 Threats & Opportunities ;
 Product/Service Features ;
 Target Consumers ;
 Key Competitors ;
 Positioning ;
 Marketing Plan & Budget ;
 Pricing ;
4. Operations & Management
This section gives you the opportunity to explain to the reader how your company does things differently.
The people and processes that allow your business to operate on a daily basis are the key to your competitive advantage. In fact, they
help you build a better product, deliver it more efficiently or at a lower costs. Your Operations & Management must be able to successfully realise
what you ‘promised’ in the previous sections.
Here, you must demonstrate how much you know about your business, so don’t leave out any relevant detail. Be concise but thorough, focus on
two main points:
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1. Operational Plan – this section outlines all the day-to-day operations of the business. It involves detailing all the processes and resources
that the company requires for each of its activities. You should include:
o Production or Service Delivery;
o Quality Control;
o Inventory;
o Suppliers;
o Credit policies;
o Legal environment;
o Location.
2. Organisational Structure – this is an overview of all the people involved in your business and their position in relation to each other. You
should detail the experience of the existing team, as well as the roles that haven’t been filled yet. Include advisors and non-
executive directors.
5. Financial Plan
Your Financial Plan is possibly the most important element of your business plan. This is especially true if the business plan is aimed at investors or
lenders. This section includes projections, budgets and goals that are unique to each business
(SOURCE: https://ignition.financial/5-key-elements-business-plan/)
6. Conclusion
Wrap everything up at the end with a clever conclusion and a peppy statement about your company’s bright future. Bring in data from
the different sections together to focus attention on the important areas for growth and the areas you need to dramatically improve.
Depending on the type of business you are operation, you may need additional sections, particularly where you talk about your team or
operations plan, or provide specific financial details
7.
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