- BSBMGT617A - Develop and implement a business plan
Develop and implement a business plan
This unit applies to individuals who are running an organisation or who take a senior role in determining the effective functioning and success of the organisation. As such, they may oversee the work of a number of teams and other managers.
Business plans are critical tools for business growth and development. They will vary depending on the needs of the organisation. This unit covers the typical elements of a business plan and the standard approaches to be used in implementing a business plan.
The business plan should be supported by a strategic plan, and may also be supported by a marketing plan and cash flow forecasts.
Elements and Performance Criteria
1. Develop business plan
1.1. Review and evaluate pre-existing strategic, business and operational plan, if available
1.2. Analyse and interpret business vision, mission, values and objectives
1.3. Consult with key stakeholders
1.4. Review market requirements for the product or service, profile customer needs and research pricing options
1.5. Develop performance objectives and measures through consultation with key stakeholders
1.6. Identify financial, human and physical resource requirements for the business
1.7. Consider any permits or licences that may be required for new activity
1.8. Write business plan
2. Monitor performance
2.1. Communicate business plan to all relevant parties and ensure understanding of performance requirements and timeframes
2.2. Ensure skilled labour is available to implement plan
2.3. Test performance measurement systems and refine, if necessary
2.4. Ensure timely reports on all key aspects of the business are available, user-friendly and balanced in terms of financial and non-financial performance
2.5. Report system failures, product failures and variances to the business plan as they occur
3. Respond to performance data
3.1. Analyse performance reports against planned objectives
3.2. Review performance indicators and refine if necessary
3.3. Ensure groups and individuals contributing to under-performance are coached, and provide training where appropriate
3.4. Review system processes and work methods regularly as part of continuous improvement
analytical and research skills to review the market, to research competitors and to review pricing structures
coaching and communication skills to remediate any under-performance in the work group or individuals
planning and organising skills to sequence activities and to develop a logical structure.
performance measurement approaches and benchmarking
options for developing business plans.
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the following is essential:
analysis of the strengths and weaknesses of a range of business plans
implementation of a business plan including evaluation of performance against documented indicators in key results areas
knowledge of performance measurement approaches and benchmarking.
Context of and specific resources for assessment
Assessment must ensure:
access to appropriate documentation and resources normally used in the workplace.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
assessment of written reports/examples of business plans and their outcomes
direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
oral or written questioning to assess knowledge of options for developing business plans
review of development of performance objectives and measures
review of how business plan was communicated to all relevant parties.
Guidance information for assessment
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:
other units from the Advanced Diploma of Management.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Strategic, business and operational plan may include:
financing arrangements or financial targets
management arrangements and/or personnel requirements
product or service research or analysis
Key stakeholders may include:
business partners or financiers
technical experts or advisers
Performance objectives and measures may relate to:
input measures such as staff time or dollars allocated
qualitative indicators such as feedback from customers, effect on the wider market or competitors, staff reports
quantitative indicators, such as numbers produced and sold, turnover, customer satisfaction ranking, lower staff turnover
Business plan includes:
description of the business
business products and services
productivity and performance targets for key result areas such as:
community awareness or branding
governance or management
triple bottom line
Coaching refers to:
informal on-the-job and off-the-job advice and training to improve performance
Management and Leadership - Management
This unit contains employability skills.