1. 1.1. identify purpose of the business plan 1.2. identify and review the essential components of...
TRANSCRIPT
![Page 1: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/1.jpg)
1
BSBSMB404AUndertake Small
Business Planning
![Page 2: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/2.jpg)
2
1.1. Identify purpose of the business plan
1.2. Identify and review the essential components of the business plan
1.3. Identify and document business goals and objectives as a basis for measuring business performance
Learning Points
![Page 3: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/3.jpg)
3
2.1. Research resources, legal and compliance requirements, specifically in relation to occupational health and safety (OHS), in accordance with business goals and objectives
2.2. Research market needs, and market size and potential
2.3. Identify sources and costs of finance, from the financial plan, to provide required liquidity and profitability for the business
2.4. Identify methods, from the marketing strategies, to promote the market exposure of the business
2.5. Identify methods/means of production/operation from the production/operations plan to conform with business goals and objectives
2.6. Identify staffing requirements to effectively produce/deliver products/services
2.7. Identify specialist services and sources of advice, where required, and cost in accordance with resources available
Learning Points
![Page 4: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/4.jpg)
4
3.1. Identify specific interests and objectives of relevant people and seek and confirm their support of the planned business direction
3.2. Identify and develop risk management strategies according to business goals and objectives, and relevant legal requirements
3.3. Develop contingency plan to address possible areas of non-conformance with the plan
Learning Points
![Page 5: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/5.jpg)
5
Modules
Topic Time
So You Need a Business Plan
50 minutes
Developing a Business Plan
50 minutes
Think About the Risks 50 minutes
![Page 6: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/6.jpg)
So You Need a Business Plan
Module 1 –BSBSMB404A Undertake Small Business Planning
![Page 7: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/7.jpg)
7
A business plan describes how you will operate your business. Where to start is not a guessing game.
Why a Business Plan is Needed
Plan forAttracting Customers
Plan forSuccess
Plan forProblems
Plan forAchieving
Goals
Plan forCash Flow
![Page 8: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/8.jpg)
8
1. Planning still starts and stops at the top2. Start with a strong mission3. Set stretch goals – you should be able to
stretch your goals to fit yourself4. Create an environment that encourages
learning5. Design new roles for planning staff6. Make continuous improvement a way of
life
Six Rules of Planning
![Page 9: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/9.jpg)
9
Company Details Mission/Vision
Statement Goals and
Objectives Company
Background Product Description PEST Analysis
Marketing Plan SWOT Analysis Time Lines Organisational
Structure Capital
Requirements Financial
Statements
Elements of a Business Plan
![Page 10: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/10.jpg)
10
Strengths Weaknesses
Opportunities Threats
SWOT Analysis
![Page 11: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/11.jpg)
11
Political and Legal
Environmental
Social and Cultural Technological
PEST Analysis
![Page 12: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/12.jpg)
12
A business needs to describe why it is there and what it wants to achieve. What are you hoping to achieve?
Communicating Your Vision
Vision, Business Goal, Mission Statement
What is important
Purpose
Products and
Services
![Page 13: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/13.jpg)
13
“We intend to provide our customers with the best online shopping experience from beginning to end, with a smart, searchable website, easy-to-follow instructions, clear and secure payment methods, and fast, quality delivery.”
Good Vision and Bad Vision "MGM Resorts
International is the leader in entertainment & hospitality--a diverse collection of extraordinary people, distinctive brands and best in class destinations."
![Page 14: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/14.jpg)
14
pecific
easurable
ction Focused
ealistic
imely
Start By Writing a Business Goal
SMART
What you want to do
How you know if you have achieved it
Keep to commitments and be time bound
Making it happen
It is possible to achieve it
Consider what makes a good business vision statement and write one for your business. Use the SMART goal method to write it
What is important
Purpose
Products and
Services
![Page 15: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/15.jpg)
![Page 16: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/16.jpg)
16
Developing a Business Plan
Module 2 – BSBSMB404AUndertake Small Business Planning
![Page 17: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/17.jpg)
17
http://www.smallbusiness.wa.gov.au
http://www.business.gov.au
http://www.safetyline.wa.gov.au/index.html
http://www.commerce.wa.gov.au/labourrelations/content/Employees/Young_Workers/Your_workplace_rights_and_obli.html
http://www.smallbusiness.wa.gov.au/tax-registrations/
Information Resources
![Page 18: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/18.jpg)
18
Primary Research is the information you collect directly from a contact.
Secondary information can be from sources such as government statistics, business financial benchmarks, Australian Tax Office.
Market Research
![Page 19: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/19.jpg)
19
Customer Demographics? Social Expectations? Cultural Expectations? Market trends? Buying motivations? Detractors? Competitors? …?
Some Questions to Answer in Your Business Plan
![Page 20: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/20.jpg)
20
Start-up cost and Ongoing cost? Production cost? Insurance that you must have? Business location (buy, rent, renovate)? Staff wages? GST and other taxes? Utilities? Vehicles and maintenance? Equipment? Travel? Advertising costs? …?
Financial Planning
![Page 21: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/21.jpg)
21
What will make customers want to come back?
Why buy the product? Why yours and not a competitor? What would turn people away from the
product? What can you say that a customer wants to
hear? How will you advertise?
Marketing Strategy
![Page 22: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/22.jpg)
22
Method of production? Staff required? Specialist services required? How many produced at a time?
◦ Job (single) – Dental treatment, Rolls Royce◦ Batch – Bread, Paints◦ Flow – Soft drinks, computers
Production and Operational Plan
![Page 23: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/23.jpg)
23
How many hours of work is required for your business to operate?
How many work actions are required for the business to operate?
Does this mean you need staff? How many? Full time, Part time, Casual, Contractors? What skills do they need? How much do you need to pay them? What are the legal boundaries for you to hire
them?
Staffing Required
![Page 24: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/24.jpg)
24
Does setting up and/or operating the business require specialised skills?
What specialist skills are needed? Where will you source specialists? How much will it cost? Are there any other specialist services
which you might consider?◦ HR, Payroll, Accountant, Consultants,
Technologists…
Specialist Services
![Page 25: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/25.jpg)
25
![Page 26: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/26.jpg)
26
Think About the RisksModule 3 – BSBSMB404AUndertake Small Business Planning
![Page 27: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/27.jpg)
27
PEST Analysis◦ Political and Legal, Environmental, Social and
Cultural, Technological◦ Identification of risk in operating business in the
market.
Skills assessment◦ What skill levels are weakest and needs to be
improved to minimise risk.
If you need help just ask
How to spot a risk
![Page 28: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/28.jpg)
28
Commercial Compliance Legal Financial Health and Safety Environmental Strategic
Operational Service Guarantees Capital Assets
Management Security Customers Stakeholders
Common Areas of Risk
![Page 29: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/29.jpg)
29
Identify potential impacts, both negative and positive
Manage impacts to ensure best outcomes Fit risk management into business fuctions Maintain a proactive advantage over risk Consult with others to understand risk in
their roles Implement risk management process
Managing the Risk: Understand the Process
![Page 30: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/30.jpg)
30
Opportunity based risk◦ Can have positive or negative outcome◦ Can have short term and long term outcomes◦ Examples include moving to a new location,
acquisition, diversifying product line.
Uncertainty based risk◦ Associated with the unknown and unexpected◦ Usually difficult to control if at all◦ Examples include natural disasters, loss of a vital
supplier, sudden changes in the market.
Types of Risk
![Page 31: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/31.jpg)
31
Increased transparency in financial management
Enhanced staff confidence in a secure and safe work environment
Enhanced client assurance in the quality and integrity of a product or service
Protection of assets and the long term viability of the business
Benefits of Risk Management
![Page 32: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/32.jpg)
32
The minimum expectation in any business operation MUST be to at least follow the law in all ways
Workplace Health and Safety Fair Trading Legislation Contractual Obligations Insurance Requirements Financial Reporting Requirements …
Risk and Law
![Page 33: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/33.jpg)
33
Sustainability management must take into account◦ Legal, Social, Cultural, Supply Expectations◦ Use of resources and maintaining supply◦ Social expectations and responses to resource use◦ Cultural expectations and responses to resource
use◦ Legal requirements governing use of resources◦ Manufacturing effects on surrounding
environment and resources.
Sustainability Management
![Page 34: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/34.jpg)
34
What will you do in the event that a risk occurs?
What alternatives can you implement when a risk occurs?
How far do you stretch your resources until its time to cut your losses?
Build Risk Management into everything your business does
Have a Backup Plan
![Page 35: 1. 1.1. Identify purpose of the business plan 1.2. Identify and review the essential components of the business plan 1.3. Identify and document](https://reader031.vdocuments.net/reader031/viewer/2022020106/56649e765503460f94b772f3/html5/thumbnails/35.jpg)
35