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BSBMGT617 Develop And Implement A Business Plan

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Question:

A business plan is a document used by managers to communicate a business Idea, and obtain approval or financial support that will allow the idea to be implemented. A business plan serves four critical functions:

  1. Allows managers and business owners to research and plan business goals and strategies from a realistic and considered basis, and to focus their energies and resources appropriately.
  2. Ensures that all aspects of business planning including risks and market conditions, are factored In to provide clarity and direction for the organisation.
  3. Provides managers or business owners with a document they can use to communicate with key stakeholders or third parties such as banks, shareholders, employees or investors.
  4. Documents performance goals and objectives which can be measured and used to benchmark actual performance against planned performance criteria.

Competitor analysis

  • Most organisations are competing with similar businesses to attract market share.
  • When analysing competitors, you need to consider their strengths and weaknesses in comparison to your own business, as well as marketing strategies, product/service offers and points of difference.
  • When developing a business plan, having a well-researched and realistic understanding of your competitors will ensure you set realistic measures, and focus your business activities and resources appropriately.
  • When using the business plan as a basis for attracting funding or investors, you will need to demonstrate how you will combat the threat of competitors, and that your business has analysed market opportunities to achieve the desired business goals.

Financing arrangements or financial targets

  • Analysing financial arrangements such as available capital, leasing arrangements, interest payment schedules or other financial implications means that the business plan will be realistic and practical.
  • You will need to demonstrate that the business plan has realistic financial goals or targets based on analysis of the organisation's current and planned financing arrangements.

Researching market requirements Involves understanding the needs and wants of the market In which you operate, or In the case of a start-up business, intend to operate In. Understanding your market Involves asking the following three questions:

What business are you In? Review your mission statement and be sure you are dear on what It is you are trying to achieve, and how your offering is different or unique to what your competitors are offering. tf you cannot articulate what business you are In then it will make it very difficult to market what you are offering.

Who are your target markets? You must identify who your target market is.

Who Is your 'ideal customer' and what are their needs and wants? Knowing this information will help you to develop a product/service that meets a specific market need. It will als0 allow you to develop a marketing plan that caters directly to this need.

What do your customers buy? What benefits do your customers think they receive from your product/service? Accessing and analysing data that demonstrates what your 'ideal customer' buys and what benefits they perceive this product/service provkfes them with will inform your marketing plan. For example, if research data shows that customers purchasing refrigerators value a good energy rating, because it means the refrigerator Is more cost-efficient to run, then it would be critical for a retailer selling fridges to include this Information in their marketing plan/

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