Elements and Performance Criteria
- Prepare to develop a business plan
- Essential components of a business plan are identified and reviewed for suitability for inclusion in overall plan for size and nature of proposed business
- Sources and costs of finance to be included financial plan are identified and required business liquidity and profitability is outlined
- Business resources and required legal and compliance requirements to be considered are identified and documented
- Develop a business plan
- Proposed business operation and overall business goals and objectives are identified and documented
- Operational requirements are identified to effectively produce/deliver products/services
- Specialist services and sources of advice are identified, where required, and costed according to resources available
- Vision statement is developed that reflects business objectives
- Target markets are identified through market research data
- Competitor analysis is obtained and market position the business is developed/reviewed
- Develop strategies for minimising risks
- Specific interests and objectives of relevant people are identified and their support for planned business direction is sought and confirmed
- Risk management strategies are identified and developed according to business goals and objectives, and relevant legal requirements
- Contingency plan is developed to address potential areas of non-conformance with plan
- Develop business promotion plans
- Develop sales plans
- Plans to increase sales through yield per existing client are identified and developed for immediate or future inclusion in plan
- Plans and strategies to grow business and add new clients and sales are developed
- Proposed plans are ranked according to priority
- Action plan to implement top ranked plan is developed and agreed with any relevant personnel
- Business work practices are reviewed to ensure they support plans
- Implement and monitor promotional strategy
- Promotional package is created to meet sales plan requirements, relevant legislative requirements and to enhance business corporate image
- Promotional strategy is implemented within budget in specified timeframes
- Criteria to measure effectiveness of sales/promotional strategy is established
- Adjustments to promotional strategy or service distribution are made as necessary to ensure required result is being obtained