Answer To: BSBMGT617 Develop and implement a business plan Assessment Booklet STUDENT COPY Student Name:...
Abhinaba answered on May 25 2021
[Business Name] Business Plan [YEAR]
business.gov.au
Business Plan template
A good business plan can help you secure finance, define the direction of your business and create strategies to achieve your goals. The business.gov.au Business Plan template steps you through the process of creating a solid, well-structured plan tailored to your business.
New! Create your business plan on your tablet by downloading our free MyBizPlan tablet app. Visit www.business.gov.au/apps now!
Copies of the latest version of this template and the guide can be downloaded from www.business.gov.au/businessplan.
If you need further information, assistance or referral about a business issue, please contact business.gov.au on 13 28 46.
Using this template
Before you complete this business plan template and start using it, consider the following:
1. Do your research. You will need to make quite a few decisions about your business including structure, marketing strategies and finances before you can complete the template. By having the right information to hand you also can be more accurate in your forecasts and analysis.
2. Determine who the plan is for. Does it have more than one purpose? Will it be used internally or will third parties be involved? Deciding the purpose of the plan can help you target your answers. If third parties are involved, what are they interested in? Although don’t assume they are just interested in the finance part of your business. They will be looking for the whole package.
3. Do not attempt to fill in the template from start to finish. First decide which sections are relevant for your business and set aside the sections that don’t apply. You can always go back to the other sections later.
4. Use the [italicised text]. The italicised text is there to help guide you by providing some more detailed questions you may like to answer when preparing your response. Please note: If a question does not apply to your circumstances it can be ignored.
5. Download the Business Plan Guide. The business plan guide contains general advice on business planning, a complete overview of the business plan template and a glossary explaining the main terms used throughout this template.
6. Get some help. If you aren’t confident in completing the plan yourself, you can enlist the help of a professional (i.e. Single Business Service, Business Enterprise Centre, business adviser, or accountant) to look through your plan and provide you with advice.
7. Actual vs. expected figures. Existing businesses can include actual figures in the plan, but if your business is just starting out and you are using expected figures for turnover and finances you will need to clearly show that these are expected figures or estimates.
8. Write your summary last. Use as few words as possible. You want to get to the point but not overlook important facts. This is also your opportunity to sell yourself. But don’t overdo it. You want prospective banks, investors, partners or wholesalers to be able to quickly read your plan, find it realistic and be motivated by what they read.
9. Review. Review. Review. Your business plan is there to make a good impression. Errors will only detract from your professional image. So ask a number of impartial people to proofread your final plan.
For advice and examples on how to complete this template, please download the business.gov.au Business Plan guide from www.business.gov.au/businessplan.
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[INSERT YOUR BUSINESS LOGO]
[Your Name]
[Your Title]
[Business Name]
[Main Business Address]
ABN: [ABN]
ACN: [ACN]
[Business Name]
Business Plan
Prepared: [Date prepared]
Contents
Business Plan template 1
Using this template 2
Business Plan Summary 4
The Business 4
The Market 4
The Future 4
The Finances 5
The Business 5
Business details 5
Registration details 5
Business premises 5
Organisation chart 5
Management & ownership 6
Key personnel 6
Products/services 8
Innovation 8
Insurance 8
Risk management 9
Legal considerations 9
Operations 9
Sustainability plan 11
The Market 12
Market research 12
Market targets 12
Environmental/industry analysis 12
Your customers 12
S.W.O.T. analysis 13
Your competitors 14
Advertising & sales 15
The Future 17
Vision statement 17
Mission statement 17
Goals/objectives 17
Action plan 17
The Finances 18
Key objectives & financial review 18
Assumptions 18
Start-up costs for [YEAR] 19
Balance sheet forecast 20
Profit and loss forecast 21
Expected cash flow 22
Break-even analysis 23
Supporting documentation 24
Business Plan Summary
The business aims to be successful in its ventures and wants to penetrate the market by providing its segmented customers with best quality products and services at unimaginably reasonable prices. The company aims to offer its customers in the segmented market with products like clothes, beauty products, accessories, shoes and food items. Based on the market analysis conducted by this company, it is evident that the potential customers in the target market have a huge demand for retail products. Therefore, several opportunities lie for the business to establish itself with the help of product differentiation strategies. The business plans to sell products, which are associated with the day to day lives of the people. Moreover, the business also aims to provide door to door services to its customers.
The marketing team of the business has planned to focus on simple yet effective marketing strategies. As the products and services the business is going to sell are not new for the customers, therefore, the marketing team is focused towards promoting these products and services in an innovative and creative manner. The business aims to attract and retain customers so that a loyal customer base could be maintained. This will help the business to develop a positive outlook for it and develop an enhanced brand image. This brand image can then be converted into brand equity. The business aims at making the everyday lives of people easy and innovative by providing them the same products at better prices and in an innovative manner.
The Business
Business name: Royal Retail
Business structure: Sole Trader
ABN: [Registered Australian business number.]
ACN: [Registered Australian company number, if applicable.]
Business location: New South Wales Australia
Date established:
Business owner(s): Sole Trader
Relevant owner experience: The business owner has the experience of running an entrepreneur business in the business market of Australia. In the previous business the wonder of this retail brand was the clothing business and the owner ran that clothing business for more than 5 years in that country.
Products/services: The products the business plans to sell are clothes, beauty products, accessories, shoes and food items. As far as the services of the business are to be considered the business plans to provide its customers with day to day services.
The Market
Target market:
The target market is the Australian Market, where the demand for retail products is quite high. New South Wales in Australia is the target market for the business.
Marketing strategy:
The marketing strategy of the business is to promote the business with simple yet effective and innovative marketing strategies. The business aims to market its products in a way that they appear to be budget friendly and are meant to make the lives of people better.
The Future
Vision statement:
The vision of the business is to establish long-term relationships with its valuable customers so that the profits earned by the business could be improved considerably. Therefore the overall goal of the company is to deliver the best products to the customers of that country.
Goals/objectives:
The goals and objectives of the business are to sell retail products into the Australian markets where the demands for such products are quite high. The business focuses on maintaining a loyal customer base to improve its sales and maximise its profits. The business also focuses at gaining competitive advantage in the market. Short term goal is to maintain quality in services. Long term goal is to achieve an existing place in market.
The Finances
The business has a tentative idea of the monthly profits to be nearly $20000. However, the business plans to make a sale of $50000 and the upfront cost is estimated to be $30000. The business management plans to arrange the money for initial investment through bank loans.
The Business
Business details
Products/services:
Through the establishment of this business within the context of the existing business market of Australia the retail products will be offered to the segmented customers of that country. Within the service process the company will offer retail products that include the clothes, beauty products, accessories, shoes and food items. Therefore frozen foods and fresh fruits also will be delivered through the stores of this retail company. Based on the overview of the business market of this country it is noticed that there is then huge demand for the retail products. Furthermore the items that will be delivered through the denotes of this company are related with the day to day life operation of the society people. This process will help the company to sell their products with the high demands. Not only that, the marketing departments of the company also will be able to meet the demands of the segment customers based on the easy marketing strategies. The marketing process of the products will be easy to the management team of the company as the services or products that they will offer to the business market of Australia will not be new to the customers. Those products are related with the everyday life cycle of the people of that country and that will help the company to sell their products with the fulfilment of the demands and requirements of their consumers.
Registration details
Business name: Royal retail
Trading name(s): [Registered trading name(s).]
Date registered: [Date business name registered.]
Location(s) registered: New South Wales in Australia
Business structure: Sole trader
ABN: [Registered Australian Business Number.]
ACN: [Registered Australian Company Number, if applicable.]
GST: [Are you registered for Goods and Services Tax? Date registered?]
Domain names: [Registered domain names.]
Licences & permits: [List all the licences or permits you have registered]
Business premises
Business location:
This company will be established in Bell Vista, New South Wales within the context of Australia. For the establishment of this company there will be a requirement of large space. As being the retail company in the outlets of the company there will be the presence of different retail products. For showcasing all the retail products in the stures with the clear format there will be the requirement of large space. The presence of large space will help the company to present their products in front of the customers. Not only that this process also will help the customers of this retail brand to select their desired products by avoiding any hindrance from the crowd (Chaffe and Ellis-Chadwick, 2019). Moreover, the establishment of the retail business in New South Wales will help this retail brand to make their communication easy with the suppliers and customers. Through this communication customers of the company will reach to the shop of the brand with the use of easy mode of communication. The suppliers of the company also will not face any difficulty to deliver the products to the outlets of the company. The presence of the business in the centerpoint of the city can allow the company to attract the attention of the customers towards the services of the retail brand. With the presence of the customer attractiveness management team of the company will easily make the mind of the customers to select or purchase the products from the stores as their reliable or desired one. Retail traffic within the retail business is denoting the behaviour of the retailer towards their business or the customers. In the establishment or easy running of the retail business the retailer must show the well behaviours or gratitude to the people who visit the stores (Kingsnorth, 2019). Establishment of fluent and healthy communication with the visitor will deliver opportunity in front of the retailer to convert the shoppers into sales. With the presence of traffic retailers also will have the scope to build a trust level among the customers based...