Business Operational Plans and Strategies Report for [University]

This report delves into the core components of business operational plans, providing a detailed analysis of their development, implementation, and management. It begins by defining operational plans and identifying key stakeholders, information sources, and resource requirements. The report then outlines the consultation process, content of an operational plan, and organizational procurement procedures. It further explores employee recruitment and induction strategies, physical resource management, and service acquisition strategies. Key performance indicators, budgeting, and financial analysis are examined, along with methods for preparing operational and contingency plans. The report emphasizes the role of operational plans in achieving organizational objectives, procedures for documenting performance, and approaches to developing KPIs. Additionally, it covers legislative and regulatory frameworks, fair trading laws, and organizational policies. The report includes two role-play scenarios that demonstrate the practical application of the concepts discussed. This document is a valuable resource for students seeking to understand and apply business operational planning principles.

MANAGE BUSINESS
OPERATIONAL PLANS

Table of Contents
MAIN BODY..................................................................................................................................3
TASK 1............................................................................................................................................3
1...................................................................................................................................................3
2...................................................................................................................................................3
3...................................................................................................................................................3
4...................................................................................................................................................4
5...................................................................................................................................................4
6...................................................................................................................................................4
7...................................................................................................................................................5
8. Employee recruitment and induction strategies.................................................................6
9. Physical resource for an organization..................................................................................6
10. Service acquisition strategies..............................................................................................6
11. Key indicators of organizational performance.................................................................7
12. Budget and actual financial relating to profit and productivity.....................................7
13. Methods for preparing operational plans..........................................................................7
14. Methods for preparing contingency plans.........................................................................8
15. Role of an operational plan in achieving an organization’s objectives...........................8
16. Procedures and records associated with documenting performance..............................9
17. Approaches for developing KPI.........................................................................................9
18. Legislative and regulatory framework..............................................................................9
19. Fair trading laws and work health and safety..................................................................9
20. Organisational policies, practices and procedures that relate to the operational plan
...................................................................................................................................................10
TASK 2..........................................................................................................................................10
1.................................................................................................................................................10
2.................................................................................................................................................10
3.................................................................................................................................................11
4.................................................................................................................................................11
5.................................................................................................................................................12
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Inventory Management......................................................................................................13
 Average Inventory...........................................................................................................13
 Average Days to Sell Inventory.......................................................................................13
6.................................................................................................................................................13
7.................................................................................................................................................13
8.................................................................................................................................................13
9.................................................................................................................................................15
10...............................................................................................................................................15
TASK 3..........................................................................................................................................16
Role play 1.................................................................................................................................16
Role play 2.................................................................................................................................20
REFERENCES..............................................................................................................................23
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MAIN BODY
TASK 1
1.
Business operational plan refers to a practical document through which key targets and activities
that an organization is going to undertake in a given period of time, say a year, are outlined. In
every plan concerning business operations, the processes, responsibilities of several departments,
activities and the time frame of the execution of the plan are stated (Moşteanu and Roxana,
2020).
2.
Stakeholders involved in the development & management of operational plan are as follows:
 Escalation points
 Colleagues
 Specialist resource managers
 Employees
 Unions
 Shareholders
 Vendors
 Regulatory agencies
 Owners
 Supply chain partners
 Community members
 & customers.
3.
Key information sources required for the development & presentation of proposal are as follows:
 Business records to analyze current business situation
 Projections to be done in case of new business
 Reviewing the marketing data
 Conducting the SWOT analysis
 Strategic plan of the business
 Previous operational plan
 Budget working papers
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 Asset register
 Minutes of planning or committee meetings
 Consultation
4.
Resource requirement specialists work in specific groups or communities in order to get the
required help. Their duties involve identification of work to be performed and undertake to plan
in advance to determine resource needs. Accordingly, they confirm the availability of resources
and make arrangements for the shortages (Kyrylov and et.al., 2020).
5.
Consultation process association with operational plan development is the one where
management of the organization undertakes informal & formal interaction between the
organization & its stakeholders. At the time of development & management of operational plan,
consultation with a wide range of people is must which is done through engaging with external
entities such as suppliers, customers or clients, communities, contractors, etc. The consultation
can be done through meetings, interviews and brainstorming (Globocnik, Faullant and Parastuty,
2020). The process of consultation begins by stating the idea on which the whole communication
would be based, then discussion pertaining to the issues where views from stakeholders are
obtained. The purpose for which consultation took place is to invite stakeholders, so that they
can vote on the plans that the management of the company has created and is going to affect
them directly. In this way, information about needs, desires and expectation of organization’s
stakeholders are obtained.
6.
Outlining the content of the operational plan:
 Title page – the name of the company and the name & designation of the person
creating the plan is mentioned beforehand.
 Executive summary – It provides overview of what entire plan includes to give the
reader a rough idea of the entire plan along with encouraging them to continue
reading.
 Definition of mission and objectives of the company – At next step, the mission,
goals and objectives of the organization are determined which indicates the intention
of the company for the period under consideration.
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 Provision of key performance indicator – it involves breaking down of business by
evaluating metrics that will be used for determining how successful was the planning.
Quality standards should form part of this section.
 Activities to be delivered
 Including a financial summary to indicate the desired outcome in monetary terms.
 Requirements for resources & staff
 Timescale
 A process through which progress would be monitored
7.
Organizational procurement process involves a series of processes & activities that are necessary
for the organization in an attempt to acquire products & services from the suppliers at the best
possible terms (Ávila and et.al., 2019). The procurement process comprises of four stages which
involves identification for the product or services to be acquired, evaluating suppliers and
selecting the best among several alternatives, placing the purchase order and getting the order
delivered as per the set terms & conditions. Therefore, the following steps form part of the
organizational procurement process:
 Identification of the product or services that the company is requiring
 Submission of purchase request
 Assessing and selecting the vendors
 Negotiating the terms & conditions with vendor
 Creation of the purchase order
 Receiving and inspecting the goods that have been delivered
 Approving the invoice and making arrangement for payment
 Recordkeeping
8. Employee recruitment and induction strategies
The recruitment process is consisted the attracting and securing individual to undertake
the specific organisational roles while the induction process is referred as the assuring the new
employees aware about the new roles and working environments. There are various strategies of
recruitment strategies that include the focus on the candidate experience, social media and the
recruiting must go hand in hand, promote and build the employers brand, recruiting metric must
in recruiting as well as career sites of employees are more important than the think (Johnson,
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2020). The recruitments strategies can be providing the training and motivational support to the
employees. The induction strategies involves the induction must be simple that employees can
understand, remember culture of organization, dint end on the first day, use the learning
management system for employees. The induction programs must be attractive and productive
which helps in present the new hires about the organization culture and organisational structure.
9. Physical resource for an organization
The physical resources of organization are materials, supplies, equipments, facilities,
infrastructure, etc. which are utilized in the organization project as well as resources which are
become the part of the organization project. The physical resources are consisted the various
process such as estimate activity resources, control resources, acquire resources and plan
resources management (Steuernagel, 2018). The physical resources are also included in the
business is building and office spaces, machinery and equipments, truck and vehicles,
distribution network and point of sake system, etc. all the resources those are used and important
in the organization and those resources which are important and business not able to run the
function of business without resources.
10. Service acquisition strategies
The service acquisition strategies helps in describe the plan of organization to achieve the
goals and objectives which are set in the service acquisition. It documents is known as the
acquisition plan. There are various service acquisition strategy that include step by step such as
form team, review current strategy, perform market research, define requirements, develop
acquisition strategy, execute strategy and manage performance.
11. Key indicators of organizational performance
The key performance indicator is defined as the measure and used to evaluate the success
of business organization and employees. It helps in meeting the objective for the performance
(Ali and Paris, 2019). There are various indicators which helps in measure the success of the
business and leading the hog success in future for organization such as communication
effectiveness, customers relationship, brand image, employee satisfaction, customers
satisfaction, distraction, trust, project management, supplier relationship, manage the customer's
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frustration, employees competence and competitors of business. The key performance indicator
helps in measure the performance of the business and the business can improve and enhance the
performance with the helps of key indicators.
12. Budget and actual financial relating to profit and productivity
The budget plan in relating to the productivity and profitability of organization is
important to measure the performance and monitor and manage the budget for business success.
Budgeting helps business to control the allocate resources and expenditure to maximize the
productivity and profit (Haralayya and Aithal, 2021). There are various methods of budgeting
which are used by the business such as activity based, value proposition, incremental, etc. the
actual financial is referred as the study of money process and management of acquiring the
required funds and the actual financial include the corporate finance, public finance and personal
finance.
13. Methods for preparing operational plans
Operational plan helps in describe the particular objectives and goals which are set by the
organization to become success in the future. There are two methods of the operational plan such
as standing plan and single use plan. In the context of standing plan, it refers as the plan which
are designed to be used again and again (Jeong and So, 2020). This plan includes the regulation,
procedures and policies as well as helps in support the organizational values and culture. It helps
in delegate the works between the employees and maintain the familiar behaviour with the
polices and procedures followed by the organization. In the context of single use plan, this plan
address at the one time events and projects. It helps in how to address the needs of the specific
situations. The length of the single use plan are varies but the types of single use plan is budget
and project schedules.
14. Methods for preparing contingency plans
The contingency plan is essential part of the business continuity strategy because it helps
in ensure that the business is ready for everything's. It is about the processing the risk
management strategies to tackle the issues in organization. The contingency plan have their four
basic aspects such as disaster recovery plan, business continuity plan, incident response plan and
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business impact analysis (Akinradewo, 2019). This helps in develop and maximize the
effectiveness of organization. There are steps of the contingency plan which helps in the
uncertainty situation such as program management, planning, implementing, testing and exercise
and program improvements. This all steps are most important for the business to manage and
handle the emergency and epidemic situation of organization. The last step of the contingency
plan is review about the contingency in business. There are strategies which can be used to
testing the contingency plan in business with the simulation, parallel testing, desk check, full
interruption and structure walk-through.
15. Role of an operational plan in achieving an organization’s objectives
The roles of the operational plan to assist in doing the work to schedule with the meeting
quality standards and budget as well as that include acceptance and involvement affected
people. It is the strategic documents that helps in define that how the differentiate departments
impart to reach the organization objectives and goals. The operational plan helps in achieve the
organization goals and objectives as well as it is the future oriented because it helps in analyse
the effects of its operations on profit and helps in set the organizational financial position,
enhance the profitability and identifies the weakness of organization (Koleck and Dreisbach,
2019). It also helps in define the processes which require finish to achieve targets and goals of
business. It helps in support the strategic plan and run the task efficiently as possible for achieve
the objectives of organization. The operational plan are important because the business can run
and responds better to change in the workplace.
16. Procedures and records associated with documenting performance
The documentation helps in provide the history of the organization as well as helps in
improve the performance of organization. The documenting performance helps in tracking the
trends and helps in observe the performance and helps in be consistent. The document
performance helps in describe proof of misconduct, present consequence align with the record of
past performance (Haseeb and Hussain, 2019). The record performance in documentation used
for determining the productivity under the standardization conditions and situations. In other
words, it helps in provide the evidence which helps in perform the issues as well as it also helps
in provide the history of employees improvements.
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17. Approaches for developing KPI
The approaches for developing the key performance indicators are most important in
organization to achieve the objectives that include the company health, measure the progress of
organization and analyse and recognize the patterns. There are four approaches which for
developing the key performance indicators such as determine the key strategic objectives, define
the success, decide on the measurements and then format the smart KPI (Jetter and Eimecke,
2018). Example: the KPI to measure the success of company such as financial KPI, customers
services, HR, sales, marketing, health and safety and change management, etc.
18. Legislative and regulatory framework
There are two legislative and regulatory frameworks relating to the implementation and
development of the operational plan in the organization such as work healthy and safety
environments and fair trading laws, both regulations are most important to apply in the business
organization and workers of company (Cejnar and Duke, 2018).
19. Fair trading laws and work health and safety
 Fair trading laws: It refers as the law allowing the company to manufacture of branded
as well as trademark goods to fix the minimum and actual resale prices of these products
by the resellers. This legislation and regulatory frameworks are relating to the
developments and implement the operational plan of the business to manage between the
manufacturers and contract dealers upon the resellers.
 Work health and safety: It is also known as the occupational health and safety. The
work health and safety involves the risk management of every person of organization in
the place of works. This can include the health and safety of every person who work for
the company as well as visitors, suppliers and customers (Boland, 2019). There are
various benefits of work health and safety such as it helps in keep the staff and
employees, improve the employee's productivity, reduce the accidents and injuries at the
workplace as well as reduce the workers compensation and costs of injury.
20. Organisational policies, practices and procedures that relate to the operational plan
The policies and procedures of company helps in provide and guide the roadmap for the
day to day operations plan. They are also ensured with the laws and regulations, streamlines the
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internal process and provide guidance related to the decision-making (Burnard and Bhamra,
2018). If the employees of organization not follow the polices and procedures guidelines then it
impact the bad on the organization.
TASK 2
1.
A policy is a statement which underpins how human resources management issues will be dealt
with an organization. It communicates values and the company expectation of employee’s
performance and behaviour.
Australian workplace has code of conduct in which employees has to follow business ethics
while dealing with customers and their other peers (Rajvanshi and et.al., 2020). Along with this,
the recruitment policy of the company is to hire only candidates that have good qualification and
experience so that it can work properly. Moreover, discipline and termination policy is also there
in which employees will be terminated on the basis of any illegal work or misbehave in the
company.
2.
Construction resource management is comprehensive process that entails planning,
scheduling and managing wide resources for the construction industry. Along with this, it helps
in accomplishing task and meet the project objective in limited frame. Moreover, it allows
manager to deliver project successfully by fulfilling project resources demands on time. There
are necessary resources in the construction project such as human resources. The workforce is
most crucial part in the industry like estimator responsible for estimating materials, cost, labour
needed to complete project (Narayanan, Lakshmi and Kamaraj,2020). In addition to this,
architect job is gather client and develop a creative solution in a blueprint as well as supervisor
acts as intermediator between the workers and the management as well as ensure effective
communication between the two parties.
Moreover, the equipment required for construction projects such as selection of the equipment
depends on the time and cost. Facilities not only improve worker’s welfare but also enhance
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efficiency like living accommodations for the workers, sanitary and toilet facilities, drinking
water, changing room and lockers as well as canteen.
3.
Manger of the project is responsible for implementing operational plans and need to make use of
proper resources so that outcomes can be achieved in effective manner. Moreover, Australian
construction operational plan is to increase their market share in Victoria by 20% [ over the next
three financial years. Along with this, the company has analysed that in upcoming year there has
been increase in construction industry and to fulfil that it has set key performance indicators like
to enhance new safety building construction by 15% as well as to decrease operating expenses by
5%. The main aim to expand building construction services by opening offices in Victoria and
Canberra over the next three financial years (Guo, Zhang and Luo, 2021). Moreover, resources
required for the project such as site supervision, engineering, architecture, administration,
transportation and drivers. Physical resources required such as trucks, vans, engineering
equipment, project management software and computers.
4
Role Play
Project manager: Hello everyone it has been found that goals are not attended on time and because of that
project is lacking behind.
Site Supervisor: At site there is requirement of proper raw material such as training room so that
employees can be guided properly and the task can be completed in limited frame of time. Along with
this, another material like papers, chairs, pen and computer so that activity can be done smoothly.
Employees: Yes! There is requirement of basic material is must as it play crucial role in doing task.
General manager: what are the workplace documentation and resources relevant to required performance
evidence.
Project Manager: Proper code of conduct will be followed by the employees so that there is no chaos and
communication plan will be implemented so that employees are aware about their roles.
General Manager: Proper raw material need to be given to staff in order to bring out the outcome
properly.
5.
Operation plan template
Operational objectives: To cover large market area through increasing the number of new safety building
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