Business Planning - Session 2 - 8 2 DEVELOP A BUSINESS PLAN At the end of this training session you should be able to f Review and evaluate pre-existing

Business Planning - Session 2 - 8 2 DEVELOP A BUSINESS PLAN...

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8 WORKBOOK | © 2017 YOUNG RABBIT PTY LTD, AUSTRALIAN PACIFIC COLLEGE BSB61015 ADVANCED DIPLOMA OF LEADERSHIP AND MANAGEMENT | BUSINESS PLANNING_V5.4 2. DEVELOP A BUSINESS PLAN At the end of this training session, you should be able to: f Review and evaluate pre-existing strategic, business and operational plans, if available f Analyse and interpret business vision, mission, values and objectives f Review market requirements for the product or service, profile customer needs and research pricing options f Develop performance objectives and measures through consultation with key stakeholders f Identify financial, human and physical resource requirements for the business f Consider any permits or licences that may be required for new activity Important terms to remember f Strategic planning f Strategic plan f Core values f Code of practice f Stakeholders f Vision statement f Mission statement f SMART objectives f Key performance indicators (KPIs) f Feasibility analysis f Australian Business Number (ABN) Strategic, Business and Operational Plans In developing business plans, pre-existing strategic, business and operational plans needs to be reviewed and evaluated. However, to understand this process, we need to know the definition of a strategic plan, a business plan and an operational plan. As a manager working in a senior role in the organisation, it is your responsibility for ensuring that the organisation is positioned to ensure its long term viability and success. In doing so, you are involved in a process called strategic planning.
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9 WORKBOOK | © 2017 YOUNG RABBIT PTY LTD, AUSTRALIAN PACIFIC COLLEGE BSB61015 ADVANCED DIPLOMA OF LEADERSHIP AND MANAGEMENT | BUSINESS PLANNING_V5.4 What is Strategic Planning? Strategic planning can be defined as ‘a systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them’ (BusinessDictionary.com). The decisions made in the strategic planning process will have a major impact in the organisation’s destiny for years in the future. It could result in substantially different organisational structure, competitive position, or strategic partners of the organisation. The strategic planning process results in the production of a strategic plan. A strategic plan is a set of statements made up of specific strategies aimed at achieving set targets. As previously stated in Session 1, a business plan is a written document that explains and analyses an existing or proposed business venture (Schaper & Volery 2007). Business plans show how the organisation’s strategy is to be achieved (Cole 2010). If you still remember, a business plan is a by-product of the business planning process. Both strategic and business plans look at the long term goals of the business and usually performed by top management. On the other hand, an operational plan is a highly detailed plan formulated generally by junior or departmental managers to achieve tactical objectives (BusinessDictionary.com).
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