Task 2.3 communicate the business plan
BSBOPS601
◻ I have correctly referenced all resources and reference texts throughout these assessment tasks.
◻ I have read and understood the assessment requirements for this unit
◻ Student requested reasonable adjustment for the assessment |
|---|
Table of Content
Task 2.3 Communicate the business plan 20
Strategic and operational goals 41
Task 2 – Develop a business plan
| Task summary and instructions | |
|---|---|
| What is this assessment task about? | The Managing CEO of the company asked you to:
Please refer to Appendix 1 – Scenario and Appendix at the end of this assessment document to complete this task. This task comprises of the following assessment methods: It has been designed to evaluate your ability to/competency in:
Although the assessment requires group collaboration to simulate a work environment, the assessment submission is individual and will be marked as such. |
| What do I need to do to complete this task satisfactorily? |
|
| Specifications |
|
| Resources and equipment |
|
| Re-submission opportunities | You will be provided feedback on your performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task. If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date. You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal. You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment. |
The CEO hired you to apply appropriate techniques and proper documentation to formulate and document the business plan.
The CEO asked you to develop a business plan to support three or more of the following strategic priorities:
To expand the business footprint interstate by open a second headquarter in Sydney by the end of 2022
To use digital marketing strategies to drive an overall increase in sales (min. 30% across all products) in 2022
Task 2.1 Prepare to write the business plan
The briefing session will be an opportunity to:
Clarify the Case Study (Appendix 1)
Discuss the organisational and legislative framework relevant to the development of the business plan.
Identify the key performance objectives and measures for the business plan.
Determine the focus of the business plan
Attend the briefing session.
Summarise the content and outcome of the session in the planning notes below.
Task 2.2 Business Plan
Develop the business plan.
When developing the business plan, it is advisable to brainstorm ideas and conduct research work in a group setting to simulate a real work environment where you would work with different stakeholders, use a diverse range of expertise and seek inputs from others.
Executive Summary
This part is developed last in your business plan and should provide a summary of what the business plan covers, and it should focus on:
The key competitive advantage of the business
The management/entrepreneurial team that is implementing the business plan
Company structure and ownership
(80-150 words)
Identify legal and regulatory requirements. Include any insurance, license, trademarks and permit that is needed to operate the business.
(40-80 words)
For each product and/or service summarise critical information such as key features, application, delivery system, any strengths and weaknesses, key differentiators from competitors (to support a unique selling proposition). The use of a table is recommended.
IP (if applicable)
Provide the company mission and values.
Strategic Objectives
Operations
qualitative indicators such as feedback from customers, the effect in the broader market or competitors, staff reports
quantitative indicators, such as numbers produced and sold, turnover, customer satisfaction ranking, lower staff turnover
(50-100 words)
Potential Risks
| Risk | Risk Management Strategy (min. 30 words/risk) |
|---|---|
| In order to mitigate the risk of low cash flow, the business should change the terms of payment policy from 60-90 days to 30 days. Only loyal customers with good credit records, should be allowed to pay in 60-90 days. Cash discounts could be given for payments within 30 days. Additionally, it is recommended that the company switches from long term to short term deposits. | |
Provide an overview of the current market. Address:
Market opportunity and potential (such as growth and trends)
Marketing strategy
Summarise the marketing strategy in the table provided below.
| Marketing Strategy -Summary | |
|---|---|
Unique Selling Proposition (USP) Having a strong, unique selling proposition (USP) is critical as it distinguishes your company from competitors. |
|
Your Offers Offers are special deals you put together to secure more new customers and encourage past customers to return. |
|
This is about how you will reach new customers or create loyal customers. This includes your online strategy and referral strategy. |
|
The Finances
Develop a high-level financial plan to support the business financial standing and determine financial targets to measure progress towards the achievement of the business plan objectives.
| Cost Item | Quantity | Estimated Cost |
|---|---|---|
| Total | ||
| Estimated revenue in the period (for all the products and service considered in the business plan): | ||
Specify what product or service you have chosen.
Product or Service: <Add>
Task 2.3 Communicate the business plan
Schedule a time with the trainer and assessor in week 4 of class.
Ask two of your classmates to play pertinent stakeholders in the organisation and review your business plan in simulated work conditions: a business partner and a financial controller.
The strengths and weaknesses of the business plan, including a recommendation for improvement.
A review (test) of the performance management system you included in the business plan.
Ask your classmates to complete the feedback report, sign and date.
Provide evidence that the feedback reports were completed: a scanned copy of the two forms attached to your submission.
Outline two (2) strenghst and two (weaknesses). Explain how you would improve the business to respond to the identified weaknesses.
| Strengths | Weaknesses |
|---|---|
| Response to weakness |
Email
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
(100-150 words)
References
Appendix 1 – Scenario
ABC is governed by a Board of Directors, who oversee operational compliance and provide guidance and support to the CEO and Executive Team. The company has been successfully operating since January 2017, with a brand that is now synonymous with efficiency, quality, and exceptional service.
ABC provides reliable reception, contact handling and customer support services at affordable rates to SMEs requiring efficient and affordable solutions for their contact management needs.
ABC Organisational Chart
Board of Directors
Human Resources Department
IT services include server hosting, network installation and management, provision, maintenance and update of all software and licenses, database administration (including client and staff files), data management, data protection compliance and systems security and technical support and maintenance/repair of software and hardware.
Note: The IT Services Officer reports to the Contact Centre Manager.
Duties include strategic marketing management, external communications management, graphic design, social media management and content creation, market research and public relations.
|
|---|
A call centre has an open workspace for call centre agents. Work stations include a computer for each agent, a telephone set/headset connected to a telecom switch, and one or more supervisor stations. It can be independently operated or networked with additional centres, often linked to a corporate computer network, including mainframes, microcomputers and LANs.
The contact centre is a central point from which all customer contacts are managed. Through contact centres, valuable information about the company are routed to appropriate people, contacts to be tracked, and data to be gathered. It is generally a part of a company's customer relationship management. Most large companies use contact centres as a means of managing their customer interaction. These centres can be operated by either an in-house department responsible or outsourcing customer interaction to a third-party agency (Outsourcing Contact Centres).
Vision, Mission, Values
Mission Statement
Our aim is to establish ABC Contact Services as the company that always exceeds expectations through:
At ABC Contact Services we value:
Quality
Continuous Improvement
Key - Organisational strategic objectives
Key – business objectives
To take on the opportunity to serve microbusinesses
About the industry
The 2019 Australian Contact Centre Benchmark Report surveyed 143 Contact Centre Managers and Executives across a wide range of industry segments, including Government, Health and Education, Financial Services, Services including Utilities and Telcos, and Consumer Products. Key findings from the survey include:
Overall growth in 2020 is expected to be 5%
Although most Australian organisations surveyed operate one contact centre, this is trending slightly downwards as the use of multiple contact centres rises. The Financial Services industry, in particular, is seeing a marked increase in the use of multiple centres. The number of contact centre seats is also rising, with the biggest growth seen in centres operating 20-99 sets. Services organisations, including Utilities and Telcos continue to operate the most significant number of seats.
Cost of Operations & Revenue Generation
In 2018, the rise of the multi-channel will continue as organisations plan to expand the number of customer interaction channels available. While almost all organisations will continue investment in phone and email as primary channels, there will be marked increases in the use of social media, self-service, web chat, SMS, smartphone apps and chatbots. This reflects a trend seen in the US, where digital channels are slowly superseding the phone in the contact centre. It is thought that Millennials' preference for digital channels is driving this change.
Technology
Industry Statistics & Market Size
Revenue $1bn
Industry firms have benefited from greater demand for quality local call centre services
Revenue is influenced by demand, business confidence and consumer sentiment
Positioning
Client satisfaction measures from market analysis (separate from customer satisfaction data from the optional end of call interviews) indicate that ABC consistently meets or exceeds expectations. However, brand awareness itself is not high among non-clients; other brands perform similar services and have higher recognition levels.
ABC's brand and positioning have developed slowly until now. Still, the growth of the market and the improved service levels of the contact centre present a prime opportunity to increase market share by increasing brand awareness for reliability and quality among micro-businesses in Australia.
Increase focus on B2B contracts with Micro-businesses
Australian owned and operated
Financial
Notes:
Financial lodgement and payment dates will be met according to ATO: https://www.ato.gov.au/Business/Reports-and-returns/Due-dates-for-lodging-and-paying/Due-dates-by-topic/
Risks summary
Financial risk, if unsuccessful in implementing the strategic and business plan (over-exposure in a time of growth)
Marketing Overview
Industry press coverage – 2 articles in industry publications since operations began
Word-of-mouth – encouraging clients to recommend us to their contacts
Some opportunities that the Board is interested in exploring are:
New technology
Business plan summary
This plan contains the outline of the business plan for ABC Contact Services.
Budget for an inflation increase of 2% per annum. All cost that is subject to inflation should reflect this going further.
Sales growth is expected to maintain the same growth as the previous year between 2018/19 and 2019/20—Conservative estimate.
A loan was taken out at the start of 2017 for $300,000. The loan had the following terms:
For the first year 3.6% would be paid in interest.
Sales and Profit information
| Qtr. 1 | Qtr. 2 | Qtr. 3 | Qtr. 4 | 2019/20 |
|---|---|---|---|---|
| 2,305,000 | 2,987,500 | 2,791,280 | 3,529,820 | 11,613,600 |
Accounting fees have been negotiated to have a 1% increase over last year's amount. This will be paid in equal parts each quarter.
Depreciation is expected to stay the same. This will be accrued in equal parts each quarter.
Repairs
Rent
Strategic and operational goals
Organisational and marketing goals/objectives
Increase brand awareness
Feedback Overview
A series of surveys undertaken with existing customers has outlined the following:
Courtesy of staff
More breaks are needed during each shift
Counselling services to support staff are not available
The necessity to change internet service providers to accommodate better coverage
Revised training and induction programs to support customer service levels
Opportunities for digital transformation
Research addition of multi-lingual services
Customer Satisfaction ratings remain consistent but could improve
A new operator has entered the market, with high visibility and promotion
ABC Service Offering
ABC Client Base – B2B
You will find a different definition of business sizes; we report the following:
consolidated gross assets of less than $12.5 million at the end of the financial year.
A Medium size business has 200 or fewer employees.
| Product/Services | Client base |
|---|---|
| Live Virtual Reception Services |
|
| Market Research for Business Customer | |
| Insourcing |
|
| Inbound customer service |
|
| Outbound sales services |
B2B purchasing decisions by the client base are made considering:
Pricing point (most clients would ask for a quote prior to purchase a service from ABC)
Revenue Data for 2019-2020 are reported below (Revenue):