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Part A - Plan and Develop The Business Plan
Task: Review the existing business plan where available and plan and develop a new business plan for the organisation, addressing all criteria outlined below: Where the organisation has a an existing business plan, review and evaluate the following documentation if there is no existing business plan these need to be developed using for example the provided resources listed above. Create a draft and consult with your selected stakeholders to clarify or verify each aspect.
You need to reference each source you access to research information like statistics, products, legislation etc. and attach this as a bibliography to completed work.
Answer - BUSINESS PLAN
1. Summary
1.1 The Business
The business plan is being developed for a start-up company that sells quality fashion products at affordable prices. The name of the start-up company is She-Fashion.
1.2 The market
The market will be the woman population of Queensland, which is in Australia. As influenced by Allen (2018), the products offered by the organisation will range from fashion clothing to that of personal care and make-up products. Hence, women from all age groups will be the target market for the company.
1.3 The future
The She-Fashion will have both online and retail store and it will be set up as an LLC Corporation so that the owners of the business are protected from issues like double taxation.
1.4 The financing
The initial Financing of the business will come from the personal savings of the two primary owners of the company. The stakeholders will not be liable for more than their personal investments.
2. Business
2.1 Business Details
The company is a fashion retail manufacturer that aims to produce quality fashion and clothing product at affordable prices.
2.2 Registration Details
The organisation will be LLC cooperation because this will ensure the protection of the owners from instances like double taxation and personal liability.
2.3 Business premises
The company will be having its own retail outlet in Queensland along with a factory located 7 KM away from the city. The retail outlet will be two storey with different departments for clothing, accessories and make-up division.
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2.4 Organisation Chart
2.5 Management
The company will be owned in a partnership between two individuals however the share division will be in 60/40 ratio. This is because the primary owner is providing with 60% of the investment and financing required for the project. Around 60 employees in the factory will be employed to start the business (As influenced by Ferreras-Garcia, Hernández-Lara & Serradell-López, 2019).
2.6 Key Personnel
The key individual in the company will be the CEO who will own 60% of the shares. Apart from that, the board of directors is also some of the key personnel.
2.7 Products
The She-Fashion will offer all types of fashion related products starting from clothes, make-up, bags, shoes, belts and personal care.
2.8 Innovation
The company aims to understand the needs and the requirements of the customers and use the data to offer customised products.
2.9 Insurance
The company will take insurance for the premises and the employees. The health insurance of the employees will be implemented.
2.10 Risk management
The company has a separate department which will analyse the given risks associated with the production and then maintain a risk register. According to Watson, McGowan & Cunningham (2018), post the risks are identified, they will be evaluated, causes that can trigger the risks will be identified, and steps will be taken to minimise the same.
2.11 Legal considerations
The business is in partnership hence partnership contracts should be established. The company should also consider copyright and trademark considerations.
2.12 Operations
The operations of the company will be mostly in the production of the goods. The online distribution channel will manage operations for efficient delivery.
2.13 Sustainability
The company will make use of natural and biodegradable raw materials for the production of make-up products and the clothing line.
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3. The market
3.1 Market Research
The business aims to increase its range of products after making a thorough analysis of the needs and the requirements of the customers (Cant, 2018).
3.2 Market Targets
The target market is the women population of Queensland.
3.3 Environmental Analyses
The company will analyse the cultural orientations of the women before developing the products.
3.4 Customers
The customer's behaviour in the market and the needs and requirements of the women from all age groups will be taken into consideration.
3.5 SWOT Analyses
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Strength
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Weakness
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Opportunities
- Rising demand for affordable products
- The rising international market for fashion products
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Threats
- The threat of low-quality raw materials
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Table 1: SWOT Analyses
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3.6 Your competitors
Forever 21, TULASII and AKAZI are some of the competitors of the company.
3.7 Advertising
The company will choose digital marketing as its advertising platform
4. The Future
4.1 Vision
To create affordable and trendy fashion for women
4.2 Mission
Offer excellent services to customers to increase brand loyalty.
4.3 Goals and Objectives
- To offer a wide range of products.
- To increase market share by 5 % by the end of one year.
4.4 Action Plan
The organisation plans to achieve a healthy profit margin.
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5. The Finance
5.1 Key objectives
- To sell a wide range of women products.
5.2 Assumptions
- Proper financial back-up.
- Proper staff.
5.3 Start-up costs
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START-UP FUNDING
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Start-up Expenses to Fund
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$12,000
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Start-up Assets to Fund
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$70,500
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Table 1: start-up cost
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5.4 Balance sheet forecast
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PRO FORMA BALANCE SHEET
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YEAR 1
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Assets
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Current Assets
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Cash
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$20,000
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Inventory
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$25,650
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Other Current Assets
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$5,000
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5.5 Profit and Loss
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PRO FORMA PROFIT AND LOSS
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YEAR 1
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Sales
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$25,500
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Direct Cost of Sales
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$12,700
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Other Costs of Goods
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$0
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5.6 Expected cash flow
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PRO FORMA CASH FLOW
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YEAR 1
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Cash Received
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Cash from Operations
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Cash Sales
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$35,000
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5.7 Break-even analyses
6. Supporting documentation
The business will require legal documents and lease papers in order to start the business.
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Part B - Monitoring the Performance and Responding to Performance Data Post Implementation
Q1. Using your completed business plan, who are the relevant parties to whom you need to communicate the business plan? Which details does this need to include for each party in terms of performance requirements and timeframes?
Relevant parties - The business plan should be informed to the two owners of the business and the employees working within the company. The standard and quality of output should be informed. The owners are considered as the stakeholders of the company.
Q2. What are the skilled labour requirements in the organisation to implement the business plan? Provide an overview of skilled labour in each department.
Labour Requirements - The employees who are well versed in computers and who can manage the working of sophisticated technologies will be required. The educational qualifications of the labourers must be checked before recruitment. Technological advancements will be introduced to reduce operational costs and offer quality products at cheap prices (Lao & Wu, 2018).
Q3. Provide 2 examples how you could test the performance measurements you have set for your business plan.
Performance measurements - The performance measurement should be based on primarily two criteria:
- 90% or above customers should be satisfied
- The number of items processed in 24 hours should improve at regular intervals.
Q4. List S examples for reports and when these would have to be provided to the various departments in your organisation in terms of timelines and importance.
Reports - There are various types of reports within the organisation. These are required to ensure effective communication among the individuals.
- Special Report: If the top management wants to know the viewpoint for developing a new product or improving the quality of the product (Ye & Lau, 2018)
- Informal Report: this is used for communication among different individuals within a department.
- Customer Report: understanding the needs of the customers.
- Problem Solving Report: To solve the problem within a department or in the organisation.
- Performance report: to analyse the performance of the departments.
Q5. You have noticed that an important product line offered by your organisation becomes inconsistent due to supply issues. Which actions do you need to take?
Actions required for better product consistency - In that situation, it is important to understand the loopholes in the supply chain and then evaluate the same. According to Kahn, Inman & Verhoef (2018), the company is targeting the women population and plans to offer quality fashion merchandise at affordable rates so that women feel good and confident about themselves. Hence, the objective should be kept in mind before adopting any plan within the organisation.
Q6. On occasion it may be necessary to refine performance indicators as the set target is exceeded or can no longer be achieved. List 2 examples where a performance indicator needs to be refined.
Performance indicators need to be refined - The performance indicators should be refined in the following two situations:
- A change in the needs and the requirements of the customers.
- A change in the average time taken for production.
Q7. Your Food and Beverage department showed an underperformance of targeted sales by S % last month and again by 7 % this month. The occupancy rate at the hotel for the same period showed an increase of average 4% with high profile customers and the number of covers in the restaurant increased on average by 7 %. There have been also a number of indications from customers that service attendance is average. Which potential factors for training could this indicate?
Factors for training - The training program should be aligned with the objectives of the company. The employees must be trained based on the business objectives and the outcome of the training should be judged by attainment of the objectives.
Q8. What is the purpose of continuous improvement? How would this be reflected in a business plan? Provide 2 examples.
Continuous improvement - The key reason for business process improvements are:
- To increase the performance quality within the organisation; this will decrease the operational cost and increase the output (queenslandhomes.com.au, 2019)
- To redesign the products and the processes to incorporate the needs and the requirements of the customers.
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