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1. Review the information in the case study ‘Fast Track Couriers’ (see Appendix 1)
2. Analyse and interpret the current business environment, goals and objectives embedded in the case study.
3. Consult with your assessor (assume the assessor is a key stakeholder) and discuss and agree upon performance objectives and measures.
4. Document a business plan to assist the organisation to achieve its goals.
5. Document a plan for communicating the business plan to all relevant parties.
6. Present the business plan to your assessor (assume the assessor is a key stakeholder).

Profit: Maintain Quality to Maximize Profit

The key performance objective of Quality Training is that it wants to generate profit so that it can expand in the market. The company wants to expand in a challenging manner so that threat from the competitors are mitigated in a proper manner and Quality Training can continue to maintain its dominance in the market of Australia. However, the company aims to grow at a rate that can be manageable given the performance of the company. It also aims to become a socially responsible company so that it can help the community in which it works. At the same time, Quality Training wants to develop a competent and effective marketing plan.

This can be done by providing a proper guide for the ongoing management and training of the employees. The target of the company is to include the owners of the business and various representatives from the State Training Authority. Quality Training aims to achieve a net profit of $100,000 during the upcoming financial year and to continue in increasing the profit by 25% in the years that follow. The growth of the company is aimed at in a manageable manner from 16 trainees to 300 trainees within the year-end of 2007. Working with community organisations such as Chamber of Commerce can help Quality Training gain more recognition in the social market. Offering services to the charitable institutions is another objective of the company.

Profit: The profit of the company can be measured by maintaining the quality of the products. The satisfaction of the clients need to be taken into consideration by undertaking activities such as providing training to the employees about the satisfaction of the clients. Following up on the customers need to be done so that Quality Training can gain excess profit and gain the necessary results require for the success in business.

Growth: The growth of the company can be monitored by assessing the needs of the clients and obtaining training solutions that are appropriate for expanding the registration scope. These training solutions can be in the form of providing stand-alone training fee services that are required for the success of Quality Training. The monitoring of the growth of the company can be done by analysing the capabilities and the financial resources that can help the company to expand. Service training packages can be provided free of cost so that Quality Training can maintain its reputation in the market.

Growth: Monitor Clients' Needs and Obtain Appropriate Training Solutions

Citizenship: The citizenship can be attributed to the social responsibility of the company. This can be done by developing customers that are loyal to the company and based on the profit derived; Quality Training can implement the steady growth of the community in which it works. Collaboration and partnerships with charitable organisations such as Chamber of Commerce can help the company to develop a proper social responsibility that can help Quality Training to continue its effective social responsible management.

Profit: The acceptance of level of variance for the profit-making objective can be the fluctuation in the economy. The economic factor is an external business strategy that cannot be controlled by the managers of an organisation (Braybrooke 2014). Therefore, Quality Training can accept any sudden change in the economic condition of Australia. However, mitigation strategies need to be formulated by the managers so that future scope of action can be taken for maintaining the economic fluctuation.

Growth: The growth of the company can be hindered by the excess competition from the competitors. The competition from the competitors can be based on the inability to apply technical as well as proper human resource of Quality Training and the manner in which the company can retain the services. This can be considered as an acceptable variance from the objective as the policies and strategies of the competitors cannot be accessed in a proper manner all the time. Hence, the changes that need to be made for mitigating the threat need to be based on proper external analysis of the strategies of the competitors.

Citizenship: The acceptance variable of the citizenship is that without profit or a recognised name in the business market, people may not trust the charitable side of Quality Training. Therefore, lack of profit may indirectly lead to the lack of forming collaboration with NGOs and charitable organisations such as Chamber of Commerce.

Profit: The timeframe required for reporting on the profit-making objective can be estimated between 3 months to 4 months. This is because the employees need to be provided with the proper motivation to work hard and earn the profit for the organisation. At the same time, maintaining the quality of the products require providing proper training to the employee so that they can maintain the expected results of the managers. Hence, a proper training method or benchmarking technique can be used to ensure delivery of quality products for gaining profit.

Citizenship: Develop Social Responsibility and Collaborate with NGOs

Growth: The report for the growth of Quality Training can be reported after every 6 months. This is mainly because analysis of the competitors is needed for estimating the growth of the company. This can take about 6 months, as the reports of the competitors need to be analysed along with the policies and procedure that are undertaken. Therefore, it can be said that the growth of the company may take longer than the expectations of the managers.

Citizenship: The report for the citizenship need to be made as per the profit gained by the company and based on its growth. As seen from the analysis, the growth and profit report need to be based on 6 months and because of this the citizenship of Quality Training need to have the timeframe of 9 months. This is mainly because based on the profit earned and the growth of the company the citizenship and the social responsibility of the company can be developed.

The benchmarking techniques that can be used by Quality Training may start from identifying areas that require changes. This can be done by targeting the areas within the organisation that require changes. Analysing the competitors as a whole can help in setting target goals for the organisation (Johnson 2017). This can be used in an effective manner to derive profits or for increasing the employee capacity of the organisation. The output product of Quality Training can be improved with the proper implementation of this benchmarking technique.

Another benchmarking technique can be the identification of growth opportunities. As stated by Becker et al. (2016) benchmarking techniques can be described as a lighthouse for business as areas of perspective growth can be identified by the implementation of the benchmarking. In the case of Quality Training, the implementation of the growth opportunities as a benchmarking technique can be done by comparing the past performance with the current performance. Therefore, any failure in the past can be mitigated by ensuring that measures can be taken to avoid repeating it in the present.

At the same time, in order to ensure that the social responsibility of Quality Training is maintained, the company can gain inspiration from the companies that provide charitable trusts. For example, collaboration with Chamber of Commerce can help Quality Training to gain more fan following, but the manner in which Chamber of Commerce implement the social responsibility towards the business market can be learned by working closely with the organisation and implementing the changes required for gaining recognition in the society.

Benchmarking Techniques: Identify Areas for Growth and Learn from Successful Companies

Profit: The key stakeholders that is required for reporting the profit-making objective includes the investors and the financial managers of Quality Training. This is mainly because the investors of the company are the main stakeholders of Quality Training and based on the profit of the company. The investors provide the required finances of the company during the implementation stage therefore, the profit of the company need to be reported to the investors so that proper pricing strategies can be maintained.

Growth: The growth of the company can be based on the HR managers. The decisions taken by the managers are directed at making Quality Training a profitable organisation that can have a rapid growth in the market. At the same time, the customers can also be reported as a stakeholder as the company aims to satisfy the customers to ensure its expansion and growth in the market. Therefore, these stakeholders can be reported for ensuring growth of the company.

Citizenship: The stakeholders of the citizenship include the society. The people of the society need to be provided with the knowledge of the social aid that Quality Training can provide that may bring about significant changes in the market of the organisation. The customers are responsible for the success of Quality Training and it is necessary that the social development of the company be based on the development of the customers.

Alikaj, A., Nguyen, C.N. and Ning, W., 2016. The combined effect of firm external and internal factors on corporate social responsibility and firm performance. International Management Review, 12(2), p.20.

Arthur, W., 2015. Internal factors in evolution: the morphogenetic tree, developmental bias, and some thoughts on the conceptual structure of evo-devo. In Conceptual Change in Biology (pp. 343-363). Springer, Dordrecht.

Becker, S.P., Leopold, D.R., Burns, G.L., Jarrett, M.A., Langberg, J.M., Marshall, S.A., McBurnett, K., Waschbusch, D.A. and Willcutt, E.G., 2016. The internal, external, and diagnostic validity of sluggish cognitive tempo: A meta-analysis and critical review. Journal of the American Academy of Child & Adolescent Psychiatry, 55(3), pp.163-178.

Braybrooke, D., 2014. Meeting needs. Princeton University Press.

Brunswicker, S. and Vanhaverbeke, W., 2015. Open innovation in small and medium?sized enterprises (SMEs): External knowledge sourcing strategies and internal organizational facilitators. Journal of Small Business Management, 53(4), pp.1241-1263.

Butchart, S.H., Clarke, M., Smith, R.J., Sykes, R.E., Scharlemann, J.P., Harfoot, M., Buchanan, G.M., Angulo, A., Balmford, A., Bertzky, B. and Brooks, T.M., 2015. Shortfalls and solutions for meeting national and global conservation area targets. Conservation Letters, 8(5), pp.329-337.

Dinnie, K., 2015. Nation branding: Concepts, issues, practice. Routledge.

Horgan, T., 2017. From supervenience to superdupervenience: Meeting the demands of a material world. In Supervenience (pp. 113-144). Routledge.

Johnson, C.E., 2017. Meeting the ethical challenges of leadership: Casting light or shadow. Sage Publications.

Long, S.P., Marshall-Colon, A. and Zhu, X.G., 2015. Meeting the global food demand of the future by engineering crop photosynthesis and yield potential. Cell, 161(1), pp.56-66.

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My Assignment Help (2020) Quality Training Objectives – Profit, Growth, And Citizenship [Online]. Available from: https://myassignmenthelp.com/free-samples/bsbmgt617-develop-and-implement-a-business-plan/key-stakeholder.html
[Accessed 26 May 2024].

My Assignment Help. 'Quality Training Objectives – Profit, Growth, And Citizenship' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/bsbmgt617-develop-and-implement-a-business-plan/key-stakeholder.html> accessed 26 May 2024.

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