Assessment Cover Sheet Qualification: BSB40215 Certificate IV in Business Unit of Competency: Implement Operational Plan Assessment Task: Written report Assessment Date/Submission date:...

Assessment Cover Sheet
    Qualification:
    BSB40215 Certificate IV in Business
    Unit of Competency:
     Implement Operational Plan
    Assessment Task:
    Written report
    Assessment Date/Submission date:
     Semester I 2021
     19 April 2021
General Instructions:
· Complete all tasks detailed in the following pages
· Fill in this assessment cover sheet and submit with your completed assessment task
· Sign the declaration
· Submit the completed tasks within the due date
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    Student Name:
    
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    Assessment Outcome:
    
    
    
    Assessor Name/ Signature:
    Amar Sood
    
    Date:
    
IMPLEMENT OPERATIONAL PLAN BSBMGT402
Assessment Task
List of Contents
1.    Introduction    4
2.    Budget Objectives and Key Performance Indicators    5
3.    Resources requirements-Human Resources Proposals    6
4.    Physical Resources Proposals    7
5.    Financial Resources Proposals    8
6.    Implement Human Resources     10
7.    Implement Physical Resources     12
8.    Time Frame for Implementing the Operational Plan and Gantt Chart    14
9.    Monitoring Budgets    16
10.    Process for Monitoring Goal Achievement    16
11.    Contingency Planning    17
12.    Recommendations    18
13.    Bibliography    19
14. Knowledge Assessment ………………………………………………………………..…………………………………20
IMPLEMENT OPERATIONAL PLAN
1. INTRODUCTION
The company is a new online apparel retailer that offers men and women convenient and simple clothing purchasing options through Amazon and an internet - based e store. The company's key focus is on men's and women's retail clothing and accessories, which will be available in a variety of sizes and colours, and will be produced and manufactured in accordance with the current fashion changes in the sector. Concisely, the following items will be available:
· Denim - (men and women)
· T-shirt (Men and women): T-shirts are available in a variety of colours and styles (Men and women)
· Footwear (Men and women)
Western society is no longer confined to a single area. With the introduction of cable television, simulcast radio shows, and the Internet, a status symbol made in Australia particularly in Sydney and New South Wales can be seen on the streets of a small Midwestern town in a matter of days. The increased pace of our telecommunications system has raised the standards and demands of young consumers for products that embody their particular cultural statement.
FireFashion will provide youth-oriented items and apparel that are common nationally but not available locally to young customers in small cities and communities including sales with the help of online platform such as Amazon throughout Australia. The distinction between FireFashion as well as other young people e-commerce websites is that FireFashion caters solely to consumers in limited Australia. A young person between the ages of 11 and 18 who enjoys classic rock and engages in youth sports such as skateboarding and mountain biking is the target consumer (12).
As motivation, our target consumer will appeal to alternative apparel patterns in big cities. FireFashion can only run advertisements in small towns with populations of 100,000 to 170,000 people. Small youth-oriented companies, such as skateboard shops and alternative CD stores, also exist in communities of this scale, which FireFashion can use to market its product line. FireFashion's objective is to offer unique youth-oriented clothing and products to Australia's small towns. The key to this project's success is creating an accessible website that is also enjoyable to browse.
It is like going to your favourite store and always finding something new to want perfect spot relationship that will allow orders to be shipped quickly. They can create an effective marketing strategy for youth-oriented businesses in your community. The development of an online store picture that is both alluring and fashionable to our potential customers. Women's outdoor apparel has become a multibillion-dollar market in the clothing industry (11). The number of internet Users has resulted in the establishment of a variety of online stores for women's outdoor clothing, but no women's outdoor clothing company that we are aware of sells its goods exclusively online.
Nonetheless, the secret is amplified brand awareness via social media, with a focus on media and opinion leaders’ aspects of environmental fashion, women's health, and women's fitness. Our messaging will emphasize avoiding the compromises made by others and embracing Culture's distinct style. Of course, online availability can play a significant role in attracting consumers to Amazon and helps in selling the product.
1b. (SA 3&8)
What is the role of Operational Plan in a Business plan? What the business expects from individuals and teams in different departments?
An operational plan lays out the steps that various teams or divisions must take to meet the company's short-term goals and priorities, and it is crucial for successful workforce management. Depending on the situation, this strategy is revised. An operating plan guarantees that a benchmark for achieving these short-term goals is in place, and that company can return to it in the event of a risk or to check that the company's day-to-day performance is on track with goals (4) . Depending on the size of the contact centre, various proposals for various departments can be implemented to ensure that everybody is on the same page.
An operating plan will help you recognize areas that are not producing as much profit as they ought to or are losing money, and determine what needs to be changed. The ability to update and refer to a short-term plan on a regular basis allows for a thorough understanding of the objectives and serves as a reference for each phase of the project. Consequently, the agents should understand what is required of them and be able to self-manage achieving these goals with the right resources (2). Operational strategies make everyday operations more accountable. If inconsistencies arise because of creating a comprehensive schedule of goals for business success, the company should be able to review the plan to determine where the discrepancies occurred and how they can be addressed (5).
2. Business Objectives and Key Performance indicators
Identify your business objectives. Develop Key Performance Indicators to measure achievement of organisation performance.
The development parameters of the organization will purely depend on one of the most important financial factor and that is profit, it is important to analyse both gross and the net profit for the company. Another parameter for the performance management is the value of customer lifetime that is also called as (CLV). Cost cutting is not the only (or best) way to improve consumer acquisition (3). CLV allows you to assess the benefit derived from a long-term customer relationship with your business. Use this metric to determine which channel is most effective at attracting the best consumers at the right value.
2a. Business Objectives: (Three ‘SMART’ Objectives)
Specific, Measurable, Assignable, Realistic, and Time-Related is an acronym for Specific, Measurable, Assignable, Realistic, and Time-Related. Businesses use SMART to decide whether a target is feasible. SMART goals are critical because they enable a company's management to see whether a target can be met within a reasonable time span. This is before any resources have been allocated or work has started in earnest.
Specific
In the coming fiscal year, the SMART FireFashion Marketing Program's specific strategy is to enhance Amazon conversion rates by 30%.
Measurable
The new online platform via Amazon can be used to monitor the results.
Attainable
The following events will occur:
· The creative team will give the project top priority so that they can develop a new email prototype with a new theme, font, and colours in a timely manner.
· Marketing officer will rephrase the subject line in order to entice more people to read it. A special discount will be given as an added bonus.
· The discount would be supported by the merchandising department.
Realistic
The schedule is reasonable and achievable.
The project is in line with the New Year’s strategy of the company of increasing sales in order to minimize winter inventory.
The project is in line with the company's goal of increasing foot traffic in January, which is traditionally a slow month for the company.
Time
Customers will receive 2 emails on every eighth and 21st of every month.
With these emails and other marketing assistance, predict a 20% rise in open rates (13).
2b. (SA2) How your Operational plan would contribute in achieving objectives of your Business plan
This operational plan directly connects to the ultimate needs of the FireFashion. All the marketing measures and the idea will help the company to increase their sales and enhance their online presence. The operational plan in such a way that, each member of the organization will help in contributing the ultimate objective of the FireFashion. Marketing plans and tactics are important because they help any company’s owner increase revenue. When you better target your potential consumer, lower your marketing costs and improve chances of translating leads into paying customers. Email marketing helps FireFashion to cultivate relationships with potential clients, current customers, and reader background. It is organization chance to communicate with them explicitly in their mailbox at a time that is best for them. Email can been one of the most effective marketing channels when combined with the right wording (14).
2c. Key Performance Indicators (Define and explain their importance to a business) (SA2,3 & 8)
Key Performance Indicators are
    Key Performance Indicator
    Expected level of performance
    Impact on business
    Profitability
    5
    Profitability helps in expansion of business
    Increase in sales
    3
    Increase in sales helps in increase in demand
    Employee satisfaction
    2
    Helps to control employee retention
    Increase in market share
    1
    Maintaining competitive level
A rating scale is a standard data collection tool for gathering comparative information on a particular research subject. A rating scale, in particular, is a form of multiple-choice question that allows people surveyed to rate a product or service. In this 1 shows the more likeliness of expected level of performance and 5 shows the less likeliness of the expected performance.
Assumptions:
To be a successful frontline manager, organization must contribute to the achievement of the organization's goals and objectives. To do so, you will need to assess the potential of current resources and anticipate the resources needed to finish programs, tasks, or events. Obtaining funding, setting budgets, and maintaining good coordination with all stakeholders are all part of this process. All you will need to put the operating plan into action is available as resources. The term "resource requirements" can refer to a variety of things, including:
• Human, material, and financial capital (both real and projected) • stock specifications and requisitions
• Products and services to be purchased or requested
The frontline manager must be aware of the organization's strategic objectives and needs, before they can reliably detail the clients/customers, budgets, and time lines requirements for resources (14).
3. Resources requirements: IDENTIFY AND QUANTIFY THE RESOURCES NEEDED TO IMPLEMENT THE OPERATIONAL PLAN: (SC1)
a. Within your organisation, interact with a range of people or groups in order to identify resource requirements
Manager must communicate with a broad variety of people inside the organization when developing and managing organizational plans. Managers can also need to interact with external agencies such as vendors, consumers or clients, suppliers, societies, and government officials, depending on their level of authority and position in the organization. Having the social skills to appeal to a variety of individuals of diverse cultural backgrounds, racial origins, and social characteristics, as well as those with special needs related to physical or mental disabilities, is an integral means of communicating effectively (15). Managers will need to organize cultural sensitivity training if their company has a lot of business contacts with people from different cultures. This will ensure direct and efficient contact between stakeholders.
• Employees, employee representatives, or unions may need to be consulted.
• Co-workers and/or bosses at the same or higher stage
• Senior management and/or the boss
• Experts in fields such as occupational health and safety commissioners, or teams for training and development
b. HUMAN RESOURCES PROPOSAL (Description, number, estimated cost etc.) (Define and explain their importance to a business)
Human resources required for your business
     No.
    Human Resources (Designation)
    Numbers
    Where to advertise
    Cost of hiring
    1
    Strategist
    2
    Online advertisement and referencing
    $2000
    2
    HR plans and policies executives
    5
    Online job portals
    $3000
    3
    Working conditions associates
    1
    Online job portals
    $1500
    4
    Organizational effectiveness executive
    1
    Internal Recruitment
    $1000
    5
    Intellectual property analyst
    1
    Internal Recruitment
    $1000
    6
    Human resource manager
    1
    Online advertisement
    $1000
    1
    Strategist
    2
    Online advertisement and referencing
    $2000
Assumptions: Revisit and correct Cost of hiring.
The first is the recognition of individual importance, which implies that businesses respect and appreciate individual contributions. Employees, on the other hand, are resources that can develop new skills and concepts and be qualified to fill new roles within the company. The third point is that workplace quality is a valid concern, and that workers have a right to work in a secure, clean, and friendly environment. The need for ongoing improvement is a fourth assumption; strengths and abilities must be continuously refined in the long-term interests of the company.
4. PHYSICAL RESOURCES PROPOSALS (Description, estimated cost etc.) (Define and explain their importance to a business)
In order to make the garment business more popular in the online as well as increase the awareness about the product, the organization needs to focus on the physical resources. These physical resources include internet, IT infrastructure, hardware, software and many other things.
a. Within your organisation, interact with a range of people or groups in order to identify resource requirements
Cotton, synthetic fibres, and fabric blends are the three most popular fabric styles used in retail. Since each has its own set of characteristics, it is critical to research the fabric's longevity, treatment, and printing appropriateness, including its look and wear. With direct-to-garment (DTG) print, for instance, more and more cotton in a garment, the easier. Water-based dyes are used in DTG printing, which stick to cotton easier than other materials. Keep in mind the fabric thickness—if the garment is constructed of thick cotton (e.g., crewneck sweaters or hoodies), the ink can soak into the fabric, resulting in a faded appearance. It is just one of the examples that can take by the organization which make it stands out of the crowd.
b. List Physical resources and services required for your business
Racks and Shelves
The way organization shows the clothes sell is determined by the store's theme. The gondola model, which is a ground system with sloped shelves that expand on both directions from a vertical back, is one of the most common.
Various Hanger Forms
Organization can never have too many hangers, so stock up. The type of hanger you use is determined by your store's theme and displays. Plastic hangers come in all sorts of colors and weights, ranging from light to hard and unshakeable. Wire collars should be used the same way, except they should be vinyl-coated to avoid corrosion.
Tags and Sales Materials
A pricing gun and tags come in handy so organization don't have to do this job by hand. You'll need to have a number of bags with the store's design and name written on them.
The Difference Between a Cash Register and a Point-of-Sale System (POS)
The decision between a cash register and a point-of-sale system is based on your budget and the amount of sales and inventory monitoring you need for your company. Connecting to computers and databases, POS systems can generate a range of activity reports. These systems are usually charged on a monthly basis and are relatively inexpensive.
Sufficient Cleaning Supplies
Cleaning is a regular task that necessitates having a sufficient supply of cleaning supplies. Glass cleaner, sponges, mops, buckets, and spray cleaners can all be included in your cleaning supplies.
    No
    Description
    Quantity
    Cost to acquire ($)
    Supplier
    1.
    Racks
    100
    6000
    Online and offline vendors
    2.
    Hangers
    40000
    500
    Offline vendor
    3.
    Tags and sales material
    30000
    300
    Offline vendor
    4.
    Cloth
    10000
    100000
    Offline vendor
    5.
    Cleaning supplies
    100
    5000
    Online vendor
    6.
    Streamer
    2
    4000
    Online vendor
    7.
    Related accessories
    100
    6000
    Online vendor
Assumptions:
Marginal cost estimates are estimates of hourly, weekly, or annual costs directly related to the operation and maintenance of the company. Labour, materials, machinery, electricity, and all other direct costs related to the operation are included in these costs. Another expectation is that no technical advances occur during the forecasted time frame. Technology would result in a decrease in production costs if we took it into account. As a result, the supply of the commodity will increase, causing prices to fall (8).
5. FINANCIAL RESOURCES PROPOSALS (Borrowings, Equity etc.) (Define and explain their importance to a business)
The capital they intend to spend in order to start a company is included in people's financial resources. Public investment is a significant source of income because it allows people to purchase shares, which is a perfect way to grow the wealth. Financial planning is the method of identifying various sources of funding for budget. Public investment is a significant source of income because it allows people to purchase shares, which is a perfect way to grow the wealth (17). Companies mainly have two forms of funding options for raising capital for business wants: equity financing and debt financing. Most businesses use a mix of debt and equity funding, but each has its own set of benefits. One of the most important is that equity funding has no repayment obligations and offers additional working capital that can be used to expand a business.
a. Within your organisation, interact with a range of people or groups in order to identify resource requirements
Finance is concerned with the assessment, reporting, and management of business growth, and it is essential to the effective and productive operation of businesses and markets. The financial of the company cannot be handle by one of two financial managers. There are many financial person, who helps in managing various aspects of the business. It starts right from the equity and debt ratio to managing credit of the company. Controllers oversee the accounting process such as income statements, cash flows, and forecasts of projected earnings and expenditures that outline and forecast the organization's financial position. Controllers are also in charge of preparing special reports that are requested by government regulatory agencies. Controllers are also in charge of the payroll, auditing, and budgeting divisions. Treasurers and financial officers...