Business Plans BSBMGT604A Manage Business Operations Main Term Paper

Excerpt from Term Paper :

Business Plans

BSBMGT604A Manage Business Operations:

Main Points:-

(A) Implementation of Tactical and Operational plans. (i) Supply chain of resources to organizations or department set-up and functioning efficiently. (ii) Requirements for skilled labor are fulfilled as per plans (iii) Actions are aligned as per the scheduling needs of plans (iv) Preventive and breakdown maintenance arrangements for business systems are unified into operations (v) Cost maintenance and control systems are executed (vi) Performance measurement systems are checked-up and made functional (vii) Projects are started in keeping up with the project management plan (viii) Co-operation of people, resources and equipment supply produce maximum results. (ix) Products / services satisfy quality and functional specifications (x) Communication / consultation are taken up as per plans (xi) Execution is dependable with the business and strategic plans in place. (Competencies BSMGT604A: Manage Business Operations)

(B)Performance Monitoring: (i) Performance indicators and norms for evaluation are approved and put in place (ii) Indicators / norms are accordant with the organizational goals and planned results (iii) Projects are controlled as per Project Management procedure (iv) Reports prepared in time on every important facet of the business which are available and user-friendly, and reasonable as regards financial and non-financial performance (v) System failures, product failures and chances to plan are reported which they happen.

(C) Respond to performance data: (i) Relevant performance reports are found out and analyzed in detail (ii) System specifications and protocols are evaluated to prevent failure in future (iii) Teams and individuals playing a part to below-performance are trained, and training imparted where applicable (iv) System processes and work methods are routinely evaluated as a component of continuous development. (v) Legislation codes and national standards relevant to the workplace that might comprise: (a) award and enterprise consensus and suitable industrial instruments (b) appropriate regulations from every echelons of government which impact the business operation, particularly in respect of Occupational Health and Safety and environment issues, equal opportunity, industrial relations and anti-discrimination. (vi) Preventive and breakdown maintenance arrangements might comprise (a) "Programmed maintenance (b) Preventive maintenance plans (c) Emergency Response plans." (Competencies BSMGT604A: Manage Business Operations) Performance measurement systems imply those systems which are devised to gather quantitative and qualitative indicators of performance in all Key Results Areas for the organization in order to find out and remediate variances to plans. (Competencies BSMGT604A: Manage Business Operations)

BSBMGT603A Review and Develop Business Plans

Main Points

(A) Development of Tactical and Operational Plans (i) Already available tactical and operational plans have been reviewed and monitored. (ii) Strategic goals are examined and appropriate operational objectives are developed. (iii) Project management protocols are built upon. (iv) Consulting with suitable groups and individuals is made into plans (v) Needs of internal and external customers are found out by consultation and documented (vi) Plans comprise methods for accessing customer satisfaction and getting feedback. (vii) Operational performance objectives, measures and criteria are built up through consultation and with the appropriate groups and individuals. (viii) Tactical and operational plans determine financial, human and physical resource needs. (ix) Arrangement of activities satisfies customer / marketing needs. (x) Plans have clear profitability, productivity and performance targets for important result areas viz. OHS, environment, quality and customer service. (xi) Plans are brief, reasonable and fulfill the needs of the organizations. (xii) Business plans deal with every suitable operational matters, including internal/external environmental factors (xiii) Tactical and operational plans have been put under risk assessment and analyses, and comprise risk management plans. (Competencies -- (BSBMGT603A) Review and develop business plans)

(B) Review of Business Systems:- (i) Reviews are taken up on a regular basis regarding the execution of tactical and operational plans. (ii) Information / reports are present to compare plans, budgets and forecasts to real performance. (iii) Systems are evaluated after discussion with the users and people who are given charge for implementing the business plans. (iv) Systems provide for recognition of variance of system or failure, to permit early interference and quick remediation. (v) Systems watch usage of resource in a timely fashion. (vi) Systems permit for flexible responses to modifying and emerging circumstances. (vii) Systems are available to supply feedback to suitable groups and individuals and regarding their performance. (viii) Systems provide for instant response to occurrences entailing possible risks to people, product or the environment. (ix) Systems are devised to attain the energy saving targets of the enterprise. (Competencies -- (BSBMGT603A) Review and develop business plans)

THHGLE19B Develop and implement a Business Plan:

Main Points: In order to deliver the business plan in a fruitful manner, it must include a set of targets and objectives. Whereas the overall plan might fix strategic objectives, there are lesser possibilities of its achievement till particular targets have been fixed which everybody in the business comprehends and a system has been fixed to calculate their achievement. It is the targets that render precision to everybody within the business regardless of being owner-managers, departmental managers or employee regarding what they require to achieve and the time when they require achieving it. (Use targets to implement your Business Plans)

Planning a business for growth is the most important feature of any business throughout its life cycle. Each of the successful businesses routinely reviews it business plan, to guarantee it fulfils the requirements of a growing enterprise. It makes sense to examine the present performance routinely and find out the most possible growth strategies. (Prepare a Business Plan for Growth: Introduction) Majority of the potential investors will be resolute on making a strategic business plan prior to considering financing any particular business. However, the business plan must not be rejected the moment one has started the business. An internal operational plan based on the mission and objectives is a valuable planning instrument for management. At the time of reviewing the business plan, it is pertinent to find out the current status of the business and where the business is headed and thereafter using the plan to fix a course to achieve the objectives one has set. When a regular assessment as regards the performance against the plans and targets has been made, it offers the best chance of meeting the objectives. Plus, it can also offer a valuable indication of where and why the enterprise is wrongfooted. Majority of the businesses prefer to access progress once every three or six months. The assessment will also assist in discussion with the banks, investors and also the potential buyers (The Importance of ongoing business planning)

In the event the business has evolved to include a chain of departments or divisions, each one having their independent targets, and goals, it might be necessary to chalk out an increasingly more sophisticated business plan. In this plan, the individual business plans of the Department and independent business units are required to be unified into a strategy document for the whole organization. This could be an intricate work, however, it is vital, in case every unit within a business is to move ahead a consistent path and not keep any differences with the organization's overall strategy. It is not mandatory that business have to be large enough to encounter such challenges. A lot of small enterprises comprises of separate business units following varied strategies. In order to plan up a business plan which unites all the distinct units of an organization, it needs a certain extent of coordination.

It is crucial to note that every Department to possess a sense of ownership of the plan. Characteristically, the head of every Department will make a draft of the business plan and subsequently consent its final form in consultation with other Departments. Budgets and priorities of separate business units are required to be fixed such that they fit in with those of the primary organization. The priorities for the individual Departments and business units is required to be increasingly more particular and accurately defined, as the overall business plan will be increasingly with the general aims and targets. It is vital that the objectives set for the individual business units are practical and deliverable. The business plan, no matter how it takes shape, is required to be easy to read and intelligible by the people whose duty is to make it function. It is also required to be understood by them as regards the manner in which their unit's business plans fits with that of the wider organization. (Drawing Up More Sophisticated Plans)

Business plan contributes significantly in allocating resources across a business, such that the objectives set in the plan can be satisfied. After the review of the progress is made and strategy for growth is identified, the present business plan might appear very up-to-date and might not reflect your business as it stands and where it requires moving ahead. Therefore when one is reviewing the business plan to cover the subsequent stages, it is vital to be clear regarding the manner in which the resources will be allocated -- both present as well as expected -- in order to render the strategy to operate. For instance, in case…

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