9 Outline five common components of a business plan Executive Summary Company

9 outline five common components of a business plan

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9. Outline five common components of a business plan. Executive Summary Company Description Market Analysis Competitive Analysis Financial analysis 10. Outline three areas that the initial business planning process may address The management teams The Financials Cash-Flow statement © RTO Works 2020 SELC Career College Australia RTO: 91721 SELC-BSBMKG609-BSBMGT616-BSBMGT617-SRT-V2019.1.2 5
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This document is Strategic Plan Template. It is part of the supporting assessment resources for Assessment Task 2 of BSBMGT616- BSBMGT617-BSBMKG609 Cluster. 11. Describe the relationship between performance objectives and key performance indicators in a business plan. Depending on what definition you use, performance objectives are outcome goals for your staff or department, or measurements that judge how well they do their jobs. Key performance indicators are benchmarks or measurements that let you gauge how well you are doing in meeting goals. Using the two together in a coordinated effort will help you set, track, modify and evaluate your business strategies and improve your bottom line. 12. Explain why it is important for a business to use a range of performance measures within its business plan. Performance measurement is the process of collecting, analysing and reporting information regarding the performance of an individual, group, organization, system or component. One of the most important aspects to be considered in relation to performance measurement process is that the performance measures work qualitatively to provide the useful information about products, processes and services that are produced in a business. 13. If a business plan has an objective of improving customer satisfaction, describe three performance measures that could be used to measure customer satisfaction. Understand Expectations If you know what your customers expect from you, it logically follows that you will be better able to offer them an enjoyable experience. So, try to discover the expectations of your customers in terms of both service and products in order to ensure that you’re meeting their needs. Assess the Competition If you don’t know why customers prefer another brand over yours, you cannot hope to keep them from. So, as part of your survey process, you may want to consider inviting customers to compare similar products or companies to find out what they are offering that you are not. Pinpoint Specifics Whether a customer is satisfied or not, the data you collect will need to accurately assess what is working and what isn’t. So, inquiries into level of satisfaction should include more than just the overall experience. You need to determine the products or services they purchased, what they liked or disliked about their sales interaction, how the actual purchase compared to their expectations, and any suggestions they have for improvement.
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