BSBMGT617 Powerpoint Presentation

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Develop and Implement a Business Plan
BSBMGT617
Introduction
This manual is divided into three Elements:
1. Develop Business Plan

2. Monitor Performance
3. Respond to Performance
Data
Element 1: Develop Business
Plan
Element 1: Develop Business Plan
Develop Business Plan

Review and Evaluate Pre-Existing Strategic, Business
and Operational Plan
You should regularly review your progress, identify

how you can make the most of the market position you've
established and decide where to take your business next.
You will need to revisit and update your business

plan with your new strategy in mind and make sure you
introduce the developments you've noted.
Setting the Direction
A clear business strategy will help to answer any

concerns and show practical ways forward.
It's doubtful whether you will be able to answer all

questions on your own - involving your professional
advisers, your fellow directors and your senior staff will all
help to make your review more effective.
Analyse and Interpret Business Vision, Mission, Values

and Objectives
Start by reviewing your strategic plan.
This is the organisation's process of defining its

strategy, or direction, and making decisions on allocating its
resources to pursue this strategy.
Next, annual planning should be started early – like

the day after the previous review.
Data should be gathered on an ongoing basis by

compiling activities and outcomes from quarterly reports,
board documents, board meeting minutes, and action plans.
The overall goal of evaluating a strategic plan is to

determine how well it has been implemented (including,
who, what, when, where, and how activities were
accomplished).
The process should include two phases:
1. Ongoing monitoring of trends that may be

impacting the progress, or lack of progress, towards
goals.
2. A final evaluation after the plan is concluded to

determine overall success and impact.
Business Goals
To remain successful it's vital that you regularly set time

aside to ask the following key strategic questions:
• Where is the business now?
• Where is it going?
• How is it going to get there?

At the end of any review process, it's vital that work plans
are prepared to put the new ideas into place and that a
timetable is set.
Regularly reviewing how the new plan is working and

allowing for any teething problems or necessary
adjustments is important too.
Continuous Improvement
In addition, a simple planning cycle can greatly enhance

your ability to make changes in your business routine if
necessary.
Good planning helps you anticipate problems and adapt

to change more easily.
Conduct a Competitor Analysis
The type of competitor information that will be really

useful to you depends on the type of business you are
and the market you're operating in.
You will probably find it useful to do a SWOT (strengths,

weaknesses, opportunities, threats) analysis.
This will show you how you are doing in relation to the
market in general and your closest competitors more
specifically.
This tool can help you examine the external factors which
affect your business, opportunities and threats, and the
internal factors, strengths and weaknesses.
There are three main ways to find out more about your
competitors:
• What they say about themselves
• What other people say about them
• Commissioned market research.

Review Your Financial Position
Businesses often fail because of poor financial

management or a lack of planning.
Often the business plan that was used to help raise

finance is put on a shelf to gather dust.
When it comes to your business' success, therefore,

developing and implementing sound financial and
management systems (or paying someone to do it for
you) is vital.
Updating your original business plan is a good place to

start.
Assess Your Business Efficiency
The best option is to balance your ability to respond

rapidly with a clear overall strategy.
This will help you decide whether the actions you take are
appropriate or not.
At this stage you should ask yourself if there are any

internal factors holding the business back, and if so, what
can you do about them?
Consider the various aspects of your business in turn.
• Premises
• Facilities
• Information technology
• People and skills
• Professional skills
Revisiting Your Markets
A business review offers you the opportunity to stand

back from the activity outlined in your plan and look again
at factors such as:
• Changes in your market
• New and emerging services
• Changes in your customers' needs
• External factors such as the economy, imports and

new technology
• Changes in competitive activity

Asking your customers for feedback on your business'

performance will help to identify where improvements can
be made to your products or services, your staffing levels
or your business procedures.
At the same time, it is important to remember that while

reviews of this kind can be very effective - they can give
your business the flexibility it needs to beat off stiff
competition at short notice. It is important to think through
the implications of any changes. In the new phase of your
business you'll need to plan your finances and resourcing
carefully at all times.
Conduct a Customer and Market Analysis
When you started your business, you probably devised a

marketing plan as part of your overall business plan.
This would have defined the market in which you

intended to sell and targeted the nature and geographical
distribution of your customers.
From that strategy you would have been able to produce

a marketing plan to help you meet your objectives.
When you're reviewing your business' performance, you'll

need to assess your customer base and market
positioning as a key part of the process.
You should update your marketing plan at least as often

as your business plan.
Next you need to evaluate what you actually do - your

core activities, the products that you make, or services
that you provide.
Ask yourself what makes them successful, how they

could be improved and whether you could launch new or
complementary products or services.
Expert Input
You may find at this stage in your business' development

that you need external skills to help you with the changes
you have to make.
Business-Analysis Models
There are a number of useful business-analysis models

that may help you think more strategically about your
business.
• SWOT Analysis
• Porter’s Five Forces relating to Competition
• Critical Success Factor Analysis

Consult With Key Stakeholders
The process of consultation is an extremely important

concept in the context of managing an organisation.
Organisations exist to create value for stakeholders

and consultation is a process by which the management of
the organisation aims to better understand the needs, wants
and expectations of stakeholders, so that value can be
created.
Consultation is an active process in which organisation

management opens formal and informal communication
channels between the organisation and its stakeholders.
The purpose of consultation is three-fold:
1. To invite stakeholders to provide advice to the

management.
2. To invite stakeholders to comment on plans.
3. To quell any criticism that organisation

management have not taken account of.
There is a widespread view that if a plan is conceived

without proper consultation with stakeholders then it has
far less chance of successful implementation.
There is a clear need for anyone responsible for the

formulation of a plan to consult with all persons who will
be affected by the plan.
Likewise, management should not construct a plan for a

new program without consultation with those people who
will be using that program.
Setting an operational plan without proper consultation

disadvantages the organisation because:
• A lack of consultation fails to take advantage of all

available knowledge and expertise
• A lack of consultation makes people feel left out

and creates negativity toward the emerging plan.
Review Market Requirements for the Product or Service,

Profile Customer Needs and Research Pricing Options
Products and services have a life cycle.
Older, long-established products or services

eventually become less popular, while in contrast, the
demand for new, more modern goods or services usually
increases quite rapidly after they are launched.
As most organisations understand the life cycle stages,

the majority of them will invest heavily in new product
development in order to make sure that their businesses
continue to grow.
Successful manufacturing is proactively managing

products throughout their lifetime, applying the
appropriate resources and sales and marketing
strategies, depending on what stage products are at in
the cycle.
You need to review where your product is on the cycle

and make adjustments to keep it current.
Customer Needs
Understanding customers is the key to giving them good

service.
But great customer care involves getting to know your

customers so well that you can anticipate their needs and
exceed their expectations.
To understand your customers well, you need to be

attentive to them whenever you are in contact with them.
Understanding customers requires you to take a hard

look at the points at which your customers have contact
with your business.
Understanding your customers and improving your

service must be a priority throughout your business.
Everyone from the front desk to the delivery staff should

focus on exceeding customer expectations.
Using Data to Understand Your Customers
Your database or customer relationship management

system (CRM) holds valuable information about your
customers that will help you to understand their needs.
CRM systems are more sophisticated than simple mailing

lists.
They can help you to identify customer needs more

effectively, allowing you to up-sell and cross-sell,
increasing profitability.
Pricing Options
Few businesses conduct any type of regular analysis of

pricing performance.
In order to review and decide the best approach to

pricing, managers need to ask themselves up to five
questions:
1. Where is this product or service on the life-
cycle?
2. Is there a significant disparity among customers in
their valuations of your product?
3. Can my organisation document these differences
in valuation with confidence?
4. Do customers understand what our product is
worth to them?
5. Is demand for my product likely to outstrip its
supply?
Price setting, or more formally, price orientation, concerns

the methods that organisations use to determine final
selling prices.
The first area that may require a fundamental rethink is

the way organisations set prices.
Many organisations have a significant opportunity to

differentiate themselves from competitors.
A second area concerns price realisation — that is, the

process of translating list prices into profitable pocket
prices.
Here, many organisations lack the information systems,

negotiation capabilities, and incentive schemes,
controlling tools and sales personnel confidence leading
to superior price realisation.
Small improvements in any of these areas lead to

quantifiable results very quickly.
Pricing models, especially those that have emerged

thanks to advances in information technology, are often
difficult to interpret and even harder to compare.
As a result, many businesses have a hard time deciding

which approach to pricing plays to their market strengths.
To clarify the choices, we outline three general

philosophies to pricing:
1. Organisational-Imposed Pricing
2. Collaborative Pricing
3. Customer-Imposed Pricing
Selecting the right pricing model is conditioned by two

important considerations.
First, every situation is different: Each market has its

unique challenges, and what’s suited to one environment
may not work elsewhere. Therefore, it’s useful to have a
sense for which models are best suited to a particular
environment.
Second, any decision to move away from a single fixed

price is likely to entail several costs. In addition to
expenses directly associated with implementing and
managing a new pricing process, there are risks that a
more complex process may trigger errors.
Develop Performance Objectives and Measures through

Consultation with Key Stakeholders
Performance objectives are specific goals that:
• Are in addition to day-to-day accountabilities
• Align with the organisational

competencies/core values
• Will be accomplished within the evaluation

period
• Will contribute to the employee’s success, as

well as the overall success of team, unit and
organisation.
Performance objectives and measures may relate to:
• Efficiency measures
• Input measures such as staff time or dollars

allocated
• Outcome measures
• Qualitative indicators such as feedback from

customers, effect on the wider market or competitors,
staff reports
• Quantitative indicators, such as numbers

produced and sold, turnover, customer satisfaction
ranking, lower staff turnover.
Performance objectives are designed to guide employees

to ‘stretch’ and further their development while enhancing
the organisational performance.
Performance objectives should include specific targets

that are:
• Dictated by the current strategy of team or unit
• Measurable and expressed in quantities,

percentages, or dollars
• Weighted according to their relative importance

to the job.
• Measurements should be focused on results, not

effort. Effort is very hard to objectively quantify.
• Don’t measure everything! Focus

measurement on what is critical to achieving the
desired results
• Measurements should be quantitative (numbers,

dollars, percentages, etc.)
• Define a clear, solid definition of what the

measurement is, how it will be executed, and
when it will be tracked.
The SMART Model
If any of your
objectives do not
meet these criteria,
rewrite the objective
to make sure it does.
Identify Financial, Human and Physical Resource

Requirements for the Business
There are six broad types of resources:
1. Financial
2. Physical
3. Human resources
4. Technological
5. Reputation
6. Organisational
Taking time to review business requirements before

launching into a new project is a critical component of
good planning and protecting organisational assets.
This also applies to conducting an annual review to

ensure the security of the organisation and to enable you
to capitalise on any unexpected opportunities.
Clearly defining the current process, the problems that

need to be focused on, and working with the people in the
organisation before beginning your project will allow for a
much more streamlined process once you start, with
better odds for success.
There are many excellent reasons to determine accurate

and comprehensive organisational requirements.
Knowing how to go about collecting critical information

and where to find it can present many problems.
Here are several options to think about:
• Interview Key Stakeholders In The Organisation
• Conduct Focus Groups within the Business
• Schedule a Brainstorming Meeting
• Complete a Survey Cycle

Once all of the data about the problem has been

received, it is time to determine the final organisational
requirements before starting the project.
This can be the most critical step of the process.
Requirements must be precise and firm.
Vague, unmeasurable goals can lead to unknowns, which

leads to cost and time overruns.
Using as much detail as possible will increase the odds of

success of the project.
Once a list has been compiled, take time to prioritise

requirements.
Which aspects of the project are critical?
Which are unnecessary options?

You may need to meet with stakeholders in order to

determine if there are any conflicts and resolve them as
quickly as possible.
Utilising the skills of a business analyst can be helpful

and provide insight into missed.
Consider Any Permits or Licences That May Be Required

For New Activity
If you are changing or adding new business activities,

consider whether any existing licensing that you may hold is
current.
New activities may require new licensing.
The Australian Business Licence and Information

Service (ABLIS) is the place to start.
Write Business Plan
The business plan should include:
• A description of the business
• Business products and services
• Marketing activity
• Financial indicators
• Productivity and performance targets for key

result areas such as:
o Profit and loss
o Community awareness or branding
o Environmental Impact
o Governance
o Quality
o Sales
If you already have a good plan, you may choose to

merely update it.
Ensure that you cover all areas and check every word for
accuracy.
Credibility is lost quickly when unintended errors are

spotted.
If you are planning create a new business plan, we will

run through the steps here to get you started.
On the simulated business website, Bounce Fitness in

the Documents folder under the Small Business tab, you
will find the detailed instructions for a business plan and a
fillable template.
If you print a copy and plan how you will complete each
area, you will find that the task is not as onerous as trying
to create one without a model.
Types of Plans
Business plans can be divided roughly into four separate

types.
• The Mini Plan
• The Working Plan
• The Presentation Plan
• The Electronic Plan.

Monitor
Element 2:
Risk Assessment
ELEMENT 2:
Performance
Element 2: Monitor Performance
Monitor Performance
Communicate Business Plan to All Relevant Parties and
Ensure Understanding of Performance Requirements
and Timeframes
For many organisations a key factor for success is

the ability of the managers within the business to
communicate both the strategic and practical intent of the
business plan.
It requires managers to not only have the ability to

communicate the strategic intent, or vision of the business,
but also to breakdown complex business concepts and
jargon into practical initiatives.
Communication Plan
A communication plan is a written document that
describes
• What you want to accomplish with your
organisational communications
• Ways in which those objectives can be
accomplished
• Who the target audience for your
communication is
• How you will accomplish your objectives
• How you will measure the results of your
communication strategy.
Take the following steps to develop an effective

communication plan:
1. Conduct A Research-Communication Audit
2. Define Objectives
3. Define Audiences
4. Define Goals
5. Identify Tools
6. Establish A Timetable
7. Evaluate The Result

A plan is always best shared. Make sure you share it with

your team.
You will only have a positive, active, participative culture

if you share your plans with your team so they can share
your vision for the business’s direction.
By enlisting their input your plan will also be tested.
A plan that’s kept in your head is just a good idea. A plan

that is communicated, questioned and tested is a true
business plan.
Sharing a plan brings it to life
Developing a written communication plan will take effort.
Plan on three or four days the first time you do it.

If you now go to the website of the simulated business,

Bounce Fitness / Documents folder, open the
Administrative tab.
You will see the Communication Plan Template and the

Communication Plan Fillable Template.
The Communication Plan Template contains advice and

guidance about creating your plan.
The Communication Plan Fillable Template allows you to

enter your information and print a copy.
Ensure Skilled Labour Is Available To Implement Plan
If your business requires the hiring of highly

specialised individuals, you may decide to add a brief
statement about how you plan to recruit, select and hire
employees.
If training of employees is of prime importance to

your business, be sure to discuss who and how they will to
be trained.
Also, many business plan writers provide a brief

statement outlining corporate policies regarding
employee motivation, incentives and benefits.
You may also decide to discuss your organisation’s

planned managerial style, its corporate culture, and
organisational structure.
The management and staffing section of a business plan

usually consists of three parts. These include:
Part 1 Details of your management team
Part 2 Information about outside supporters

and/or strategic alliances
Part 3 Details of your staffing requirements

Therefore, when writing this section of the business plan

be sure to keep the following items in minds:
• Convince the reader that the owners are

credit worthy and trust worthy
• Demonstrate that the management team has the

aptitude, attitude and ability to operate the business
successfully
• Show that the management team, all outside

supporters and each staff member provide a solid
balance to the business venture.
Calculate the Numbers
Once you've structured your business you need to

consider your overall goals and the number of personnel
required to reach those goals.
In order to determine the number of employees you'll

need to meet the goals you've set for your business,
you'll need to apply the following equation to each unit
listed in your organisational structure: C / S = P
In this equation, C represents the total number of

customers, S represents the total number of customers
that can be served by each employee, and P represents
the personnel requirements.
Once you calculate the number of employees that you'll

need for your organisation, you'll need to determine the
labour expense.
The factors that need to be considered when calculating

labour expense (LE) are the personnel requirements (P)
for each department multiplied by the employee salary
level (SL). Therefore, the equation would be: P * SL = LE
One final note to remember: It is imperative to establish

credibility and position yourself as a low risk.
Test Performance Measurement Systems and Refine, If

Necessary
Once you have decided the goals, testing whether

they are appropriate and achievable is a challenge.
A good place to start is by seeing feedback.
You may be deep into your subject that you don’t see
the plan the way an investor or other partner might.
Getting an experienced outside business plan review can

give you useful feedback, save time and money.
Your accountant would be a good person to consider first

up. If you have a marketing consultant, they also may be
able to ensure that you are getting value for money.
Do not let anyone else write your business plan for you
and always get a business plan review.
Get it critiqued by someone whose opinion you value.

You want to know if the document is going to work.
A detached but interested outsider’s perspective can be

very helpful. But that outsider needs to have business
plan experience.
Calculate Overhead Expenses
Once the organisation's operations have been planned,

the expenses associated with the operation of the
business can be developed and used as another test for
the objectives of the business plan.
Overhead expenses refer to all non-labour expenses

required to operate the business.
Expenses can be divided into fixed (those that must be

paid, usually at the same rate, regardless of the volume
of business) and variable or semi-variable (those which
change according to the amount of business).
In order to develop the overhead expenses for the

expense table used in this portion of the business plan,
you need to multiply the number of employees by the
expenses associated with each employee.
Therefore, if NE represents the number of employees and

EE is the expense per employee, the following equation
can be used to calculate the sum of each overhead (OH)
expense:
OH = NE * EE
Develop a Capital Requirements Table
In addition to the expense table, you'll also need to

develop a capital requirements table that depicts the
amount of money necessary to purchase the equipment
you'll use to establish and continue operations.
If you multiply the cost of equipment by the number of

customers it can support in terms of sales, it would result
in the capital requirements for that particular equipment
element.
Therefore, you can use an equation in which capital

requirements (CR) equals sales (S) divided by number of
customers (NC) supported by each equipment element,
multiplied by the average sale (AS), which is then
multiplied by the capital cost (CC) of the equipment
element.
Given these parameters, your equation would look like

the following: CR = [(S / NC) * AS] * CC
The capital requirements table is formed by adding all

your equipment elements to generate the total new
capital for that year.
During the first year, total new capital is also the total
capital required.
For each successive year thereafter, total capital (TC)

required is the sum of total new capital (NC) plus total
capital (PC) from the previous year, less depreciation (D),
once again, from the previous year.
Therefore, your equation to arrive at total capital for each

year portrayed in the capital requirements model would
be: TC = NC + PC – D
Keep in mind that depreciation is an expense that shows

the decrease in value of the equipment throughout its
effective lifetime.
For many businesses, depreciation is based upon

schedules that are tied to the lifetime of the equipment.
Be careful when choosing the schedule that best fits your

business.
Depreciation is also the basis for a tax deduction as well

as the flow of money for new capital.
You may need to seek consultation from an expert in this

area.
Create a Cost of Goods Table
This table is used only for businesses where the product

is placed into inventory.
This usually consists of three elements:
1. Material
2. Labour
3. Overhead.
In the income statement, the last stage of the

manufacturing process is the item expensed as cost of
goods, but it is important to document the inventory still in
various stages of the manufacturing process because it
represents assets to the company.
This is important to determining cash flow and to

generating the balance sheet.
That is what the cost of goods table does.
It's one of the most complicated tables you'll have to

develop for your business plan, but it's an integral part of
portraying the flow of inventory through your operations,
the placement of assets within the company, and the rate
at which your inventory turns.
In order to generate the cost of goods table, you need a

little more information in addition to what your labour and
material cost is per unit.
You also need to know the total number of units sold for
the year, the percentage of units which will be fully
assembled, the percentage which will be partially
assembled, and the percentage which will be in
unassembled inventory.
Much of these figures will depend on the capacity of your

equipment as well as on the inventory control system you
develop.
Along with these factors, you also need to know at what

stage the majority of the labour is performed.
Ensure Timely Reports on All Key Aspects of the

Business Are Available, User-Friendly and Balanced In
Terms Of Financial and Non-Financial Performance
Performance Measurement Timetable
When looking at plan performance versus actuals,

you need a reporting system that delivers the actuals in a
timely manner.
Monitoring your progress will allow you to give them

certainty and confidence, or transparency, on where things
are going and why they’re going the way they are.
Report System Failures, Product Failures and Variances

to the Business Plan As They Occur
Failure is not always bad.
In organisational life it is sometimes bad, sometimes

inevitable, and sometimes even good.
Organisations need new and better ways to go

beyond lessons that are superficial or self-serving.
That means jettisoning old cultural beliefs and

stereotypical notions of success and embracing failure’s
lessons.
Failure and fault are virtually inseparable in most

organisations, and cultures.
That is why so few organisations have shifted to a culture

of psychological safety in which the rewards of learning
from failure can be fully realised.
The business plan will state contingencies and how these

will be dealt with.
However, including the organisational expectations for

reporting and timeframes in the plan, policies and
procedures will ensure a better response and give
comfort to investors that you have considered what is in
all likelihood, inevitable on varying scales of magnitude.
Respond to
Element 3:
Performance Data
Element 3: Respond to Performance Data
Respond to Performance Data

Analyse Performance Reports against Planned
Objectives
Performance data is usually analysed in these steps:
1. Determine the Purpose or Goals of Your
Analysis
2. Determine the Timeframe for Your Analysis
3. Gather Data and Reports that Align with Your
Goals and Timeframe
4. Review the Data and Reports, and Look for
Information Related to Your Analysis Goals
5. Interpret the Information
6. Summarise Your Findings in a Memo, Report
or Email
Review Performance Indicators and Refine If Necessary
Once the performance reports have been analysed, it is

necessary to understand variances.
It may be that the performance indicator needs to be refined.
If the goals were too high, they may need to be scaled back a
little and lifted incrementally.
If there appears to be a need to change a performance

indicator, it should be discussed with those involved in
that particular area and an agreed change made.
All changes must then be updated on an existing

business plans and key stakeholders (banks,
accountants and investors for example) informed.
Ensure Groups and Individuals Contributing to Under

Performance Are Coached, and Provide Training Where
Appropriate
What is Performance Coaching?
Coaching refers to informal on-the-job and off-the-job advice

and training to improve performance.
Performance coaching is:

• A series of conversations that are designed and
conducted to enhance someone's wellbeing or
performance
• A process that both parties enter into willingly with
clear expectations and agreements on how the
process will work
• A relationship, or partnership, that allows
anything to be asked, said or considered
• Based on the premise that performance in any
field can be enhanced by creating a partnership and
setting aside time to explore in conversation how
performance might be taken to a new level.
Performance coaching can be described as a series of

guided conversations that enable the individual being
coached to discover and implement personal solutions to
challenging issues or areas of performance.
These solutions, because they are intrinsic to the one

being coached are more likely to succeed and endure
than solutions imposed externally.
Employee Training
Employee training is essential for an organisation’s

success.
Despite the importance of training, a trainer can

encounter resistance from both employees and
managers.
Both groups may claim that training is taking them away

from their work.
However, a trainer can combat this by demonstrating that

training is actually a crucial part of employees’ and
managers’ work.
Review System Processes and Work Methods Regularly

As Part of Continuous Improvement
Carrying out a system process review enables a review of

processes and then makes improvements to make them
more efficient and effective with less wasted effort and more
time spent on valuable work.
A system process review should deliver an understanding of

how a process is currently performed, the
technology/systems that support the process and the people
involved.
A review should also help to highlight problem areas and

opportunities for change.
Effective system process review and improvement can

make or break an objective, and often some of the
biggest benefits come from the process changes.
There are many reasons why you might want to do this

but you need to be sure how the review fits in with your
organisational strategy.
It is also particularly important to understand how a

business change project fits in with your organisational
culture and values.
Methods such as a SWOT analyses are very useful in

considering the context in which you are operating and
the arising strengths, weaknesses, opportunities and
threats.
With most process reviews, a certain amount of anxiety

and fear is unavoidably introduced for the staff involved in
the process under review.
If it is suggested a process should be reviewed then by

inference there is a suggestion that it may not be as
efficient or effective as it might be.
One way to avoid this is to foster a culture of continuous

or regular reviews of organisational process.
Summary
Planning is one of the most important parts of running a
business, no matter whether it is a large multinational
corporation trying to plan an expansion or a small
business launching an exciting new product.
It is easy to start a project, but without careful planning it
is like setting off on a journey to an unknown destination
without a roadmap.
You might manage to make it to your destination
eventually, but don't be surprised if you get really lost on
the way!
Summary (continued)
As a small business owner it is very tempting to neglect
planning altogether, especially if you are the only person
in the company.
After all, planning can be a time-consuming process and
for small business owners time spent planning is likely to
be time when they are not earning any money.
But the benefits of good planning will far outweigh any
temporary loss of earnings.
focusing on your training needs
PRECISION GROUP (AUSTRALIA) PTY LTD

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Develop and Implement a Business Plan

1. Develop Business Plan

Develop Business Plan

You should regularly review your progress, identify

You will need to revisit and update your business

Setting the Direction

A clear business strategy will help to answer any

It's doubtful whether you will be able to answer all

Analyse and Interpret Business Vision, Mission, Values

Start by reviewing your strategic plan.

This is the organisation's process of defining its

Next, annual planning should be started early – like

Data should be gathered on an ongoing basis by

The overall goal of evaluating a strategic plan is to

The process should include two phases:

1. Ongoing monitoring of trends that may be

2. A final evaluation after the plan is concluded to

To remain successful it's vital that you regularly set time

• Where is the business now?

• How is it going to get there?

Regularly reviewing how the new plan is working and

In addition, a simple planning cycle can greatly enhance

Good planning helps you anticipate problems and adapt

Conduct a Competitor Analysis

The type of competitor information that will be really

You will probably find it useful to do a SWOT (strengths,

• What they say about themselves

• What other people say about them

• Commissioned market research.

Review Your Financial Position

Businesses often fail because of poor financial

Often the business plan that was used to help raise

When it comes to your business' success, therefore,

Updating your original business plan is a good place to

Assess Your Business Efficiency

The best option is to balance your ability to respond

At this stage you should ask yourself if there are any

Consider the various aspects of your business in turn.

• People and skills

Revisiting Your Markets

A business review offers you the opportunity to stand

• Changes in your market

• New and emerging services

• Changes in your customers' needs

• External factors such as the economy, imports and

• Changes in competitive activity

Asking your customers for feedback on your business'

At the same time, it is important to remember that while

Conduct a Customer and Market Analysis

When you started your business, you probably devised a

This would have defined the market in which you

From that strategy you would have been able to produce

When you're reviewing your business' performance, you'll

You should update your marketing plan at least as often

Next you need to evaluate what you actually do - your

Ask yourself what makes them successful, how they

You may find at this stage in your business' development

There are a number of useful business-analysis models

• Porter’s Five Forces relating to Competition

• Critical Success Factor Analysis

Consult With Key Stakeholders

The process of consultation is an extremely important