Assessment 3 Business plan
Get this assignment for $80 AUD
Call or what’s app: +447418337330 , +918607726273
|Subject Name:||Small Business Administration|
|Assessment Title:||Business Plan|
|Assessment Type:||Written Report|
|Due Date:||Monday 23:55 pm (AEST), Week 12|
This Assessment Task will address the following Learning Outcomes:
LO2: Analyse small business management decision making and strategies for success
LO3: Create a three-year financial plan given a business scenario
LO5: Create a proposal for strategies to improve business performance or Task
Create a business plan using the information provided.
You are required to read the scenario provided.
After reading the scenario, you will be required to submit a business plan your client can take to her board to justify the expansion including raising $350k. The plan must include the following:
- Identify an Australian city to expand into which will provide a profitable return-on-investment. This will include conducting market research to determine which city is suitable based on FutureProfit’s current target market.
- Determine the best solution regarding location – e.g., leasing commercial property, renting a co-working space, or having employees/consultants work from home. Discuss the advantages and disadvantages of the proposed city including the financial requirements. Keep in mind the change in working conditions due to COVID- 19.
- Complete a business model canvas for FutureProfit Pty Ltd. A good video to understand and present the business model canvas, watch https://youtu.be/IP0cUBWTgpY (The Business Model Canvas – 9 Steps to Creating a Successful Business Model – Startup Tips).
- Identify the specific training staff needs to have in order to be ‘future-ready.
- Discuss two strategies/solutions you think will improve business performance and sustainability (e.g., how and what to automate). This information will also provide the basis for capital injection (e.g., technological requirements).
- Simple financial projections for the next three years.
Jane has asked you to provide her a business/strategy plan for her FutureProfit Pty Ltd in moving forward as the business was impacted by border closures and lockdowns in 2020. Despite the challenges, she is still keen to expand her business into another Australian city and knows she has to automate her business better to be financially sustainable.
She has been operating her business consulting and accountancy practice, FutureProfit Pty Ltd, for five years. She has done quite well for herself being in accounting for over 20 years and being recognized in her field locally, nationally, and internationally. Though she has a few clients overseas, the majority of her client base is in Canberra, where her business is currently located and where she has resided all her life.
Despite her success, she is concerned about the sustainability of her practice over the next 5 years due to the changing nature of business in general from COVID-19 and the reality of technological advances that are impacting every industry, including accounting. She has read that artificial intelligence, cloud computing and blockchain will continue to affect the industry.
Additionally, she is concerned that her staff does not have the technical, analytical, leadership, and consulting skills needed to continue their success in the future. She currently has four full-time employees: two accountants, one bookkeeper, and one office manager. She also has two part-time bookkeepers and a marketing/social media coordinator who all work off-site.
Her target market is SMEs who are in a growth phase and have a minimum turnover of $1 million per annum. Though she doesn’t target a specific industry, she tends to attract those companies that are in either health, education, or the STEM (science, technology, engineering, mathematics) fields – just due to the nature of Canberra.
She currently promotes her business mainly via word-of-mouth and networking at local professional associations such at the Canberra Business Chamber, the Australian Institute of Company Directors, and the Canberra Women in Business. Her breadth of networks has expanded due to many organizations having their functions online.
Last year’s sales revenue was $550,000. Her key expenses are her own wage ($150k), the two accountants ($80k each), the two part-time bookkeepers ($40k each), the office manager ($45k), and the part-time marketing/social media coordinator ($35k). Operationally, she budgets $50k for marketing/advertising and $100k for general operations. She has two directors which she pays $25k each per year. She currently operates her business out of a detached building on her property and allocated $24,000 towards rent. Through aggressive marketing, Jane believes that the expansion will increase their sales revenue by 50% the first year, 60% the second year, and 70% the third year.
Her company currently uses XERO, a cloud-based accounting software platform for small and medium-sized businesses. Other than that, no other automation has been implemented.
It is anticipated that the breakdown of the capital raise will be as follows: (a) One full-time technical programmer @$100k; (b) one full-time accountant @$80k; (c) $100k towards interstate expansion (including operational and occupancy costs) and (d) $70k for marketing.
A template business plan is provided on the portal to you to use if you wish. You are not required to use the template business plan.
You are required to have a minimum of 10 references which can include journal articles, market research documents, government publications, industry reports, etc.
This assessment will be marked using the attached rubric.
Important Study Information
Academic Integrity Policy
KBS values academic integrity. All students must understand the meaning and consequences of cheating, plagiarism, and other academic offenses under the Academic Integrity and Conduct Policy.
What is academic integrity and misconduct? What are the penalties for academic misconduct? What are the late penalties?
How can I appeal my grade?
Click here for answers to these questions: http://www.kbs.edu.au/current-students/student-policies/.
Word Limits for Written Assessments
Submissions that exceed the word limit by more than 10% will cease to be marked from the point at which that limit is exceeded.
Students may seek study assistance from their local Academic Learning Advisor or refer to the resources on the MyKBS Academic Success Centre page. Click here for this information
|Criteria||F (Fail) 0%-49%||P (Pass) 50%-64%||CR (Credit) 65%-74%||D (Distinction) 75% – 84%||HD (High Distinction) 85%-100%||Mark|
|Executive Summary||No Executive Summary included.||One-page Executive Summary included but needs more depth.||One-page Executive Summary included.||One-page Executive Summary included.||One-page Executive Summary included.||/2|
|Introduction||Weak introduction; no overview of the company. SWOT analysis including trends affecting the industry is not discussed or needs much more detail. Purpose of the plan not identified. Business Model Canvas not included.||The introduction is fair though needs much more depth of the company and the industry it services. More depth in the SWOT analysis and trends. Purpose of the plan identified. Business Model Canvas included, needed more depth.||The introduction is clear with an overview of the company and the industry it services. SWOT analysis including trends affecting the industry needs more detail. Purpose of the plan identified. Solid Business Model Canvas included.||Very thorough introduction with an overview of the company and the industry it services. SWOT analysis including trends affecting the industry discussed. Purpose of the plan identified. Thorough Business Model Canvas included.||The comprehensive introduction is with an overview of the company and the industry it services. SWOT analysis including trends affecting the industry discussed. Purpose of the plan identified. Comprehensive Business Model Canvas included.||/8|
|Marketing Plan||Expansion city not identified. Inadequate market research included justifying the choice of city. Few market details identified and described. Customer and competitor details not outlined. No marketing strategies identified for the new market.||Expansion city identified with adequate market research included justifying the choice of city. Market details identified and described. Customer and competitor details outlined. Some marketing strategies identified for the new market.||Expansion city identified with solid market research included justifying the choice of city. More depth needed in market details. Good customer and competitor details. Good marketing strategies identified for the new market.||Expansion city identified with thorough market research included justifying the choice of city. Very good depth of market details including customer and competitor details. Thorough marketing strategies identified for the new market.||Expansion city identified with thorough market research included justifying the choice of city. Comprehensive market details including customer and competitor details, and marketing strategies identified for a new market.||/8|
|Operations Plan||Few specific operations details identified and described. Neither training nor business performance strategies included. Tenancy options not discussed.||A fair amount of specific operations details identified and described. Training requirements highlighted with business performance strategies included. Tenancy options are vague.||Solid details of specific operations identified and described. Training requirements highlighted and explained. Sound business performance strategies explained. Tenancy options discussed, more detail needed.||Thorough details of specific operations identified and described. Training requirements highlighted and explained very well. Business performance strategies and tenancy options discussed in detail.||Comprehensive details of specific operations identified and described. Training requirements, business performance strategies, and tenancy options extremely thorough.||/8|
|Financial Plan||Financial projections not included. Understanding of financial plan purpose not demonstrated.||Financial projections included though with many errors. Demonstration of basic level understanding of creating a financial plan.||Financial projections included though with some errors. Demonstration of intermediate-level understanding of financial plan purpose.||Financial projections included though with minimal errors. Demonstration of a high-level understanding of financial plan purpose.||Financial projections included though with no errors. Demonstration of advanced-level understanding of financial plan purpose.||/6|
|The answer clearly and logically presented||Serious lack of organization. Poorly structured paragraphs.||The writing style could be more effective. The organization is difficult to follow; Little or no transitions between paragraphs.||Paragraphs are generally well organized. Better transitions needed.||Ideas are explained well. Sound transitions between paragraphs.||Ideas are effectively structured. Excellent transitions between paragraphs.||/2|
|Appropriate theory and research used to answer question posed||No significant observations made from appropriate theory and research. No references or citations.||Made reasonable observations made from appropriate theory and research. Has between 1-4 references.||Made clear observations from appropriate theory and research. Has between 5-7 references.||Made important observations based on appropriate theory and research. Has between 8-9 references.||Made significant observations made from appropriate theory and research. Has 10+ references from a wide variety of appropriate sources.||/2|
|The correct academic writing style used, including correct spelling, grammar, and punctuation||Needs more sentence variety. Little or no thought was given to diction. Tone or language is conversational. Contains much informal language. Contains many examples of unclear or awkward phrasing.||Needs more sentence variety. Attention needed with diction. Contains informal language. Unclear or awkward sentence phrasing||Sentence variety is adequate. The tone is appropriate. Language is academic, and writing is clear and effective. Very little awkward phrasing||Sentence variety is effective and good. The tone is appropriate and consistent. Vocabulary is appropriate and effective. Language is academic. Writing is clear and concise.||Sentence variety is effective and sophisticated. The tone is appropriate and consistent. Vocabulary is sophisticated and effective. Language is academic. Writing is clear, concise, and strong.||/2|
|Format of answer consistent with question requirements and KBS guidelines||No effort made to follow submission requirements||Adheres to some format requirements.||Adheres to most format requirements.||Adheres to many format requirements.||Adheres to all format requirement|