Develop And Implement A Business Plan Assignment
BSBMGT617A Develop and implement a business plan Assessment Task 1 Name: Angeline Tan Student ID: NIT01975 Tutor: Kevin Egan Business Plan 1 1.0 – Introduc±on A business plan of a company has to be though±ully planned and assembled as it is the outline of any company’s direc²on and it obliges company owners to constantly evaluate the strengths and weaknesses of their opera²ons. Throughout the report, discussions on the strengths and weaknesses of Quality Training’s business plan will be touched on as well as the analysis of the business plan’s relevance and compliances with the eFec²ve criteria for business plans. 2.0 – Analysis on Quality Training’s business plan The criteria of developing an eFec²ve and strategic business plan are, in summary, to create speci³c goals and missions for the business; developing solu²ons to achieve goals and evalua²ng the bene³ts of the ac²on plans; analyse the industry, market-sizing, compe²²on, sustainable advantage, marke²ng strategies; explicate the business model; and lastly, develop funding requirements and ³nancial forecasts. 2.1 – Objec±ves, Goals, Missions, Ac±on Plans Quality Training’s general objec²ves are to emphasise quality training and services so as to retain and generate repeat clients, which would, in turn, expectedly generate higher pro³ts and growth in the coming years. The company’s targeted net pro³t is $100,000, with a 25% increase in each consecu²ve year. As stated in its business plan, the ac²on plans to achieve the pro³t are basically to ensure quality training and provide good customer service, i.e. meet client’s needs, maintaining rela²onships through networking as well as developing reasonable and aFordable stand-alone and quality training packages for clients. 2.2 – Compe±tors, Threats, Weaknesses and Strategies Based on its analysis on compe²tors, the greatest compe²²on to Quality Training is private registered organisa²ons (RTOs) and its strategies to overcome these organisa²ons are to focus on networking and marke²ng, constantly keeping track of relevant legisla²on and industry requirements so as to sustain its legi²macy and compliances, as well as seeking opportuni²es to develop mutually-bene³cial partnerships with other RTOs and business so as to diversify its business and oFer more varie²es of trainings and expansion of the business. As Quality Training is a small business, funding is also one of Quality Training’s main risks, thus, its costs e´ciency solu²ons include delivering non-accredited training, produce ²meframe expenses and contrac²ng workers to reduce employment costs. 1
We are committed to empowering our internal teams and external members with theappropriate resources to effectively achieve our common vision.
We hold ourselves and our co-workers accountable for our behaviours andresponsibilities as they affect us, our members and our culture.
We are committed to continually leading the fitness industry by providing the higheststandards of quality to our members, through services, programs, and communityrelations.
Environmental ScanSWOT Analysis
The following SWOT analysis captures the key strengths and weaknesses within thecompany, and describes the opportunities and threats facing Bounce Fitness.
Results-oriented approach to attracting and maintaining customers
A well-researched, detailed health wellness program that is long-term in focus
Intensively trained staff.
High costs associated with customized, personal service
The inability to work on a high volume business model
The costs of attracting a large corporate client
Participation within a growing market
The large increase in clients that follows with the acceptance of Bounce Fitness’program by a