            RTO No: 41315 | CRICOS Provider Code: 03446A mailto: XXXXXXXXXX http://www.orange.edu.au/                      –                  RTO No:...

BSBMGT617
TASK 1
DEVELOP AND IMPLEMENT A BUSINESS PLAN
Table of Contents
Question 1: Five components of a business plan are:    3
Question 2: Purpose of business planning process    3
Question 3: Three areas to be addressed by a business plan    3
Question 4: Key steps in development of a business plan    3
Question 5: Key stakeholders to be involved in business planning    4
Question 6: Purpose of a business vision    4
Question 7: Purpose of SWOT analysis in a business planning process    4
Question 8: Importance of using a range of measures    5
Question 9: Three performance measures for measuring customer satisfaction    5
Question 10: Balanced scorecard in relation to performance measurement    5
Question 11: SMART criteria for objectives    5
Question 12: Purpose and benefits of using Key Performance Indicators (KPIs) in business planning process    7
References    8
Question 1: Five components of a business plan are:
Concept: One of the main purpose of a business plan is to provide information regarding the goals of the company and the manner, in which such goals will be achieved. In addition to that, the concept will serve the purpose of providing an idea about the products or services, which will be offered by the company. According to the opinion of Gilding et al. (2015), the nature of the business is outlined in the business plan and the industry, in which the organisation will operate.
Market Analysis: The business plan should provide an idea of the market, in which the business will operate, such as the demography of customers, presence and strengths of competitors, substitutes of offerings and others.
Strategy: The manner, in which the firm will compete with others, is outlined in the business pan. The mission and vision statement is also outlined along with the plans for expansion.
Organisation: The structure of the organisation is also mentioned in the plan. Number of employees, presence of firm across various geographical areas is also mentioned in the business plan.
Financials: The business plan needs to show the feasibility of the project. Details of the sources of revenue, estimated revenue in initial years of operation, profit percentage, details of fixed and variable cost, sources of fund and others.
Question 2: Purpose of business planning process
According to the perspective of Wolf and Floyd (2017), the primary purpose of a business plan is to run the company with a more cohesive vision. It acts as a roadmap for functioning of the business. In addition to that, a lender requires a business plan to assess the worth of their investment in the institution.
Question 3: Three areas to be addressed by a business plan
Financials, marketing and operations are the three areas to be addressed by a business plan. The operation part explains the core revenue generating activity of the business. The equipment required for production and so on. The marketing part of the business plan explains the promotion,
anding and similar marketing function of the organisation. The financial part explains the sources of funds, feasibility of the project, direct cost, indirect cost, estimated profits and so on for initial years of operation.
Question 4: Key steps in development of a business plan
Key steps in developing the business plan are as follows:
Summarising the vision:. The goals should be clearly stated and a
ief idea must be explained of the steps to achieve such steps.
Industry research: Understanding the requirement of the industry and finding the gap, which can be met by the organisation.
Development of product or service: A suitable product or service is to be developed to fill the gap identify in the previous step. The product should be able to compete in the market along with being realistic.
Developing a marketing...