It can be understood that before the starting of a business it is very much required to have a business plan. This is because without having the business plan one cannot start a business plan because everything will be jeopardized like the business target, the finances for the company, the performance measures and finally the reputation of the company. This report is about the benefits of a business plan, components of the business plan, business, vision, balanced scorecard (Brinckmann & Kim, 2015).
A business plan is very necessary for all the business may be it is small or large. A business plan is a ‘living document’ upon which the growth of the business depends. A business should be scrutinized in every meeting. In a new business the business plan should be at least quarterly reviewed so that the targets . There are certain benefits of business planning.
The first is along with the aims and targets of the business, it helps to understand the time needed to meet the targets. It also enables to know the fact that for what reason the person has initiated his or her business for example to get a livelihood, moreover to earn money for maintaining a luxurious lifestyle, or to have a self identity for this reason.
The second is the business plan helps to assimilate all the notions and research of the business initiator so that he or she can predict that the plan can be financed or not and also help to assume the potential risk of the business.
The third point is to make a marketing strategy so that the business can be taken forward and also to set the aims and objectives of the business which is inclusive of sales and financial targets so that the business can be supervised properly.
The major five components of a business plan are as follows: –
The first is executive summary. First of all there is a summary consisting of table of contents, history of the company, scope in market, viewpoints of the management. The competitive advantage of the company and the economic condition of the company should be there in the executive summary. So, finally combining these points an executive summary must be written.
Then there must be detailed description and framework of the business. This section deals with the fact that in what ways the products, will be manufactured and also about having the raw materials to finish producing the product.
Another thing every business requires innovation , so a research team must be hired for this. A businessperson must also have analyzed about the value proposition providing services to the customers of the company. Other things such as strategic relationships, administrative elements and also about the judicial structure of the company.
The third is market strategies and research of the company. At first the condition of the market must be surveyed and analyzed. After that marketing strategy inclusive of sales and advertisement , forecasts, deadlines, and benchmarks must be set up.
Then the company must have proper management and personnel who are basically the leaders of the company . The leaders must be like that who will mobilize the whole human resources of the company and the business goal would be reached. Investors of the company will all observe these things before investing in the company.
At the end the financial document is the document which has the statement of profit and loss of the company, balance sheet and the cash flow statements for some consecutive years. These will only include the financial situation which will move the company forward.
The Business Planning Process is about judging the environment in which the business will be operated. There are different things which are associated with it such as its suppliers of raw materials , the industry’s competitors and the customers associated with it. The strength and weakness of the business must be known properly by the entrepreneur. Every business needs innovation and creation for creating new products and services for the customers. Hence, a businessperson must have a team of Research & Development ( R & D). The assessment stage is mainly about having farsightedness for the market demand, financial projections and ultimately the milestone set for the business to be achieved (Dumas et al., 2013).
In order to execute the business plan properly there are certain steps needed to be followed. The first thing is sorting out the person who will write out the business plan . Then a proper understanding of the business should be provided to the person who will formulate the business plan. Then the decision comes in which way the plan would be written whether by using software or the Business Plan Pro. It must be looked after by the entrepreneur the business process writer must include the various topics needed for formulating the business plan (Jeston & Nelis, 2014). The Business plan must be developed in a very rationalistic and precise way. Then the business plan must be reviewed and evaluated and finally a power presentation should be made.
There is a diagram of theBusiness Planning Process :-
There are certain aims of a business vision. The main visions of the business are as follows. For example, the first is financing for sustaining the living of the entrepreneur and his or her family. The second is about developing reputation among the customers of the company, among the employees and competitors of the company. Another thing is to look after the customer’s needs are met and their interests are prioritized in the company. Then the launching of new products and also increased the number of branches of the company. It is very important for the businessperson and his or her employees to be enjoyed by the company (Speklé, & Verbeeten, 2014). The most important thing is the sustainable corporate culture of the company and it should be also environmentally sustainable.
There are certain elements of the business planning process.
The first is the situation analysis. It includes the company summary, strengths and weakness of the company and the competitive environment surrounding the company and the competitive advantages surrounding it (Cooper, Ezzamel & Qu, 2016).
Then comes the ‘mission, vision, goals and objectives’ of the company . The third is strategic and action plans which helps the company to achieve the goal. This comprises of the creative direction, marketing, finance and accounting, productions and operations, facilities and studios and the management and organization.
Finally, in order to reach the goals of the track progress, measuring programmes and its initiatives and finally monitoring the financial results.
SWOT analysis basically identifies the four critical elements of the analysis. They are strengths, weaknesses, opportunities and threats.
Strength and Weakness is it enables the business firm to understand the core market advantages and the things for which the competitors can criticize or appreciate the company. Strengths include the competitive advantage of the company. The potentialities of the company which includes the resources, assets and the human resources of the company. Finally it encompasses about the marketing and advertising of the product.
Weaknesses are not having any competitive advantage. Certain vulnerabilities of the company which includes not meeting the needs of the customer and also inefficient in meeting the work pressure of the company. Companies also be well aware of the weaknesses so that it can improve on basis of it (Barney & Hesterly, 2015).
The opportunities of the company must be explored so that the leaders can find the path to help in growth of the company. The reputed companies generally sort to grow each day so that they can retain their position otherwise the competitors will find the opportunity against it. Opportunities is about new and emerging markets, new business and also strategic business collaborators which will create more sales and profits.
The final thing is the threat of the company. The external threat of the company is about the external threats of the company, for example – changing in the legislations of the company. This will enable the company to be aware and prepare themselves to face the situation. Environmental transformation sometimes also affect the companies in which they use natural resources for the business. In today’s world technology is also changing daily wise which hampers the growth of the company (Li et al., 2016) .
There is a diagram of SWOT analysis.
Performance measure is about the methods of gathering , evaluating and reporting facts about the performance of an individual, group, organization, or the business elements. Hence performance measurement process is important because the performance measures qualitatively to deliver information about the products, processes and services which are manufactured in a company (Lichfield, Kettle & Whitbread, 2016). . The measurement of the performance is a daily phenomenon which is about supervising the performance against the criterion which needs to be fixed. It helps in comparing the actual performance with the established criterion. A leader also requires supervising, observing and controlling the activities of the employees of the organization while and also needs to read about summaries and reports so that he may manage the work in an effectual way while getting the things done meeting the established standard. The importance of performance measurement system is that it not only upgrades the performance, but also the productivity of a business entity by curtailing the expenses. It is It provides necessary feedback that the activities may be guided accordingly by allowing managers to implement best practices.
The first performance measure is the NET Promoter Score (NPS). NPS is a measure of the quantity of customers for example the recommendation of the brands to the others. If people don’t promote the business than do, then the company must find out another way of advertisement to promote the business. The percent of customers who rate their experience with the company brand such as “extremely” or “very” satisfied which is another good measuring criterion of the business. If one can determine the elements of the satisfaction of the , then that things can be applied to other customers. Then external benchmarking survey data is to understand the fact that where one’s brand data stands in comparison to the other brands. Even the highest-rated companies only get it ‘right’ about 88 percent of the time, so everybody has many things to be improved. The third is Brand Attributes. This means the startup company must have something unique within it. The Brand Attributes Survey helps the customers to get a sense about the opinion of the customers regarding the uniqueness of the company. Therefore, the company must work more sincerely to meet the demands of the customer.
The balanced scorecard approach helps in betterment of organizational performance by measuring the important factors in the company. It helps to be more concentrated on the strategy and the results. The organization strategy would be looked after on a daily basis. The entrepreneurs must also the future performance. It also enables to upgrade the communication of the company’s vision and strategy. It is about the strategized management, which will monitor performance against the strategic aims (Simons, 2013).
Smart is a mnemonic acronym which gives the standard to support in the setting of objectives and it enables to measure the performance of over all employees. S means specific, M means measurable, A means attainable, R means Relevant and T means Timely. Specific goal has more expectance of getting accomplished rather than general goals. Measurable means establishing concrete standard for measuring the progress of reaching the goal. Attainable helps in recognizing the goals and also developing the attitudes, abilities, skills and the financial ability to gain them (Huston, Rahimzad & Parsa, 2015). . Then the realistic means that the goal must be practical to achieve. It can be said that a lower goal is tougher to reach because it has a low motivational force whereas a higher goal is comparatively easy to gain due to high motivational force. Timely is about that the business goal must be gained at a proper time.
Conclusion
Finally it can be said that planning only a business vision is not enough to meet the criteria. Value proposition, performance measures, SWOT analysis, balanced scorecard is much significant to meet the business goal. Performance measures is one of the important to motivate, develop efficiency and focus so that the business goal can be met.
Mission of the New Business Plan
Ozhouse Clean is much loyal for delivering high quality of services to the clients in context to residential and commercial complexes. The main mission is to cross the limit of the providing best services and expand it to the residential and commercial services .
The company daily works earnestly so that it can make their company as the most recognizing one and introduce the cleaning facility in Melbourne and become successful in other cleaning services such commercial services in corporate offices and other work places. Residential complexes here defines a complex comprising of several apartments and houses with other modern facilities.
The first is the respect to the clients. The company must try to look after the variegated and give importance to the choice and wishes of each and every clients of the company.
Then comes the fact of responsibility. Responsibility and care is mainly dealing with the Corporate Social Responsibility, that is supervising and keeping peace and order among the employees of the company. It is about using things which does not hampers the environmental balance. This should be also reflect in caring of the customers and also listening about the customer complaints and implement changes accordingly.
Excellence in work is also very important in the business. Excellence is providing the best quality of products and services in terms of both commercial and residential services.
Then the element is the integrity. Integrity is like working with honesty, broadmindedness and others. These are also important elements to develop proper business ethics.
Another is the innovation. It is much important for any company to innovate and create products (Butler, 2014). Innovation is mainly done by the motivation of the leaders. Leaders are the most inspirational force of the company. If they have a high spirit then obviously the company will move much ahead than the other companies.
The key objectives of the company is delivering the customers with both professional and friendly services. Another thing is to increase the number of clients by 20 percent in the first year by implementing efficiency in the commercial cleaning services. Then finally, to use things which are environmentally sustainable (Rese et al., 2013).
Ozhouse cleaning is basically very committed to the cleaning purpose in the Local market of Melbourne in professional places, residential cleaning areas , which is inclusive of day to day cleaning of homes or other occasion. But the company has the trend to provide best services in the Melbourne, including looking after the needs of the staffs and the customers. Hence it can be said that the cleaning service can be spread to other parts of Australia. It was established in 2005 and the founder of the company was James and Nancy Anderson. They are the directors and their daughters Amanda and Sarah are also engaged in this company. So, it can be said that the family of the founder of this company is much dedicated to this company to make it successful. The company aims in introducing residential and commercial cleaning services (Reim, Parida & Örtqvist, 2015).
Competitors in the market
It can be said that the founder of this company always thinks it as a small family business mainly concentrating on the happiness of the staffs and customers and also on focusing the quality of the customers (Preble & Hoffman, 2013). . So, in this context the company has the competitive advantage of the other companies. But the manager is well aware that as the competitive market is changing , it has to change to compete well in the business market if it has to extend it services in residential and commercial services.
Consumer needed for Environment Friendly Cleaning Services
It can be said that the company is also conscious about the corporate ethics which includes the environment sustainability of the products utilized by the company for cleaning purposes . The company generally uses cleaning materials from the Total Cleaning Supplies in Melbourne. But the manager has been well aware of the fact that the cleaning suppliers are not environment healthy. In that case, the company needs to change its cleaning suppliers to maintain the environmental balance. This is required more in residential and commercial cleaning services.
Various alternative pricing online Services
. There are sales strategies which attracts various types of customers and clients. The company appoints 15 cleaners or whom are part-time contract employee who works 10-15 hours a week. There are 70 customers in the inner cities of Melbourne. These clients needs cleaning may be for weekly or once a week with some specific hours necessary for the work. Hence these strategies of availability of different services according to the needs of the customers. These types of offers must be also applied to the residential and commercial services.
The marketing strategies of the company for providing residential, commercial, services and others mainly . The possible marketing strategies of the company are mainly by website and by word of mouth by the customers.
However, the company requires following other marketing strategies. They are like paid advertisement, which is pay per click. Then the cause marketing is the connection between the services and products of the company which has some social cause .
Relationship marketing is about sustaining the customers by being committed to them (Christopher, Payne & Ballantyne, 2013).
Then comes the internet marketing which is a cloud marketing, one can observe the advertisement on various websites. Social media is also very appropriate for this type of marketing.
Permission or license for Commercial Cleaning and Environmental Cleaning Services
The company has to go through the local zoning laws which regulates the location of various businesses like ‘commercial’ , ‘retail’, and ‘ light industries’. So the directors, operational managers and managers have to go through all the clause for it. Moreover, it has to develop a new business plan for this.
The managers and the human resources of the company must recruit considerable staffs and employees of the company. This is because employees play a significant role in the company, because the service and production of the company is depended upon them. The leaders must encourage the employees to do the work sincerely and joyfully.
Performance measure is required in order to reach the goals within the stipulated time and the company can provide quality services to the clients. Performance measure is about the methods of gathering , assessing and reporting facts about the performance of an individual, group, organization, or the business
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