Business plan is a formal statement that helps in ascertaining the business goals, formulation of strategies and plans to achieve the goals of the firm and the plan that would help in reaching them. In this business plan, fast track couriers has been taken into consideration. In this business plan, depending upon the current criteria and situation of the organization, a developmental plan has been established that would be helpful in stating the role of the firm.
Fast track courier is a courier company that operates in New South Wales for the last fifteen years. The organization deals in delivering medium and large sized packages across metropolitan Sydney. The firm has a good reputation in the market as it has the ability to maintain reliability and value for money. Fast track courier has limited its services within the boundaries of metropolitan Sydney as it does not have an access outside the borders. Marketing of the firm has been done on the basis of direct sales, telephone, internet listing and mail outs. Fast track maintains a telephone follow up, that helps in ensuring the customer’s ongoing satisfaction with the business. This has helped the firm in gaining a retention rate of 87% for the existing customers. The sales and profits enjoyed by the firm has been increasing by 5% each year. Owners of fast track couriers are looking forward to operating the services in the regional areas of New South Wales.
Fast track couriers deliver medium and large sized deliveries within the boundaries of metropolitan sydney. The organization has been in this business for the past fifteen years. They have been experiencing a constant growth in their business which have made them quite popular in t he market. The organization has been quite crucial in providing the services to the customers by maintaining telephonic follow up schedule. The stability of the business within the boundaries of metropolitan Sydney, has provided the organization with the initiative of expanding their business beyond the boundaries and increase their sales.
Fast track couriers has been delivering its products and services within the boundaries of metropolitan Sydney. There are various other courier companies exiting in the city, yet, it could be stated that with an advanced fifteen years of services being provided, the organization has the ability to develop better facilities than its competitors. Hence, it could be stated that fast track couriers has been able to capture a market share greater than the other competitors in the same business. Moreover it has been seen that there has been a shortage of delivery organizations providing services to the regional towns of New South Wales
In order to develop its business further in the upcoming years, fast track aims at
Fast track couriers is a family owned organization with three family members acting as management boar and is responsible for approving al the business decisions to be taken within the firm.
The truck drivers have to report to the logistics manager. They are provided with the details of the delivery of the products each day. This provides them with the initiative of being true to their work. Five office support employees that are employed in under the managing director of the firm are logistics manager, administration officer, human resources officer, finance manager and sales manager. The accounts clerk of the firm reports to the finance manager of the organization.
The organization’s strategic goal is to expand their business by increasing their services beyond the metropolitan sydney. They aim at exploring their business operations in the regional New South Wales thereby gaining the opportunity to increase their business profits over the next three years. The expansion for the organization is quite needed as that would help in engaging lost customers. The expansion of the organizational services would serve the purpose to attain both financial and customer service reasons.
In order to attain their operational aim of the firm, fast track aims at removing the need for two drivers per truck. This could be done by installing an automatic lift gate on the back of each truck. By doing so, the organization would be beneficial for allocating the drivers for more trucks and thereby increase their services to the regional regions. Fast track would buy 10 more trucks for the flow of their business.
In order to motivate the truck drivers for the change in the services being provided by the firm, a merit based reward system should be generated in the organization. This reward system would increase the will of the truck drivers to learn new skills about the advancement in the technology of the trucks that are being used in the future operations. It would also provide an incentive for the drivers to provide better services to the organization and raise their loyalty towards the firm.
The current sales of the organization are $17 million, which is below the estimate sales level for the firm. This shows that the organization has been operating in a better manner, yet it has been able to overcome its benchmark. The annual net profit of the firm has been recorded as $1.9 million. The cost of the firm consists of the loan repayments that are $200,000 per annum, along wit operating costs of $2.2 million, administrative costs of $100,000.
In order to implement the proposed strategical aims of the firm of buying more trucks for the firm and establishing the installation of automatic lift gate, the firm needs to invest an amount of $60,000 on every trucks, which would be borrowed by the bank in terms of business loan.
To implement the services of the firm and enhance their productivity, thereby raising the share of profit being enjoyed by the organization, enhanced techniques must be used in the organization with efficient skilful workers. The services that are being provided by the firm must be efficient enough to achieve the target that has been set.
A training program must be provided to the truck drivers with regards to the use of gps system and the new installation of automatic lift gate in the trucks. This would help them in carrying on their jobs quite easily. They would understand the need of the technological up gradation in the firm. A merit based reward system must be generated by the organization that would ensure the loyalty of the truck drivers towards the firm. Medical facilities should be provided for the injuries that have been caused on spot of the job. These facilities would help in recovering the turnover rate of the employees in the firm.
The firm must attain a license from the government to operate their business in the regional areas of New South Wales. This would help in carrying out the smooth functioning of the business.
Conclusion:
The business plan that has been formulated for fast track couriers has been quite efficient in analysing the needs of the organization with respect to its organizational aims of expanding its services beyond the metropolitan city. The business plan of the organization has been quite keen in formulating the proposals for the betterment of the business that would help in expanding the sales of the firm and raising their profit margin.
The business plan that has been formulated for fast track couriers has been quite keen in achieving its objectives. It has illustrated an extensive business strategy that would be helpful in achieving the target of the firm.
The performance objectives that have been framed by the management group consists of some implementations that states the following, which the stakeholders must have :
The stakeholders of the organization would be asked for their inputs towards the business strategies that have been provided them with. They would be approached by framing a meeting, where a PowerPoint presentation would be provided to them maintaining all the aspects of the business plan for fast track couriers. At the end of the meeting, the management group would conduct feedback sessions.
The business plan of fast track couriers has been developed by keeping the long turn prospects of the organizations in mind. It has been keen in achieving the targets of increasing the sales of the organization by 40% and delivering its services in the regional areas of the country rather than focussing only on the metropolitan parts of sydney.
The key stakeholders of fast track couriers could be listed as follows:
the process of information to be transformed to the stakeholders regarding the business plan has been established could be illustrated as follows:
|
Stakeholders |
Required information |
Relevant timeframes |
Communicate strategies |
Strategies to ensure understanding |
|
Owners |
All information regarding the business plan of the firm |
1 month |
Team meetings |
Specific objectives |
|
Managing director |
All information regarding the business plan of the firm |
1 month |
Team meetings |
Specific objectives |
|
Logistics manager |
Change in the logistics team subjected to the target of increasing sales of the firm. There must be allocation of single truck drivers in each firm along with the installation of GPS system and automatic lift gate. Implementation would raise the availability of greater delivery availability. |
1 month |
Formal presentations |
Written information and coaching |
|
Finance manager |
$60,000 allocated for per truck and extra budget defined for improving the facilities of the firm. |
1 month |
Formal presentations |
Specific objectives and action plan |
|
Human resource manager |
Changes of the logistic team, performing measurement related to human resources and relevant financial information with regards to changes to agreements, working conditions, risks associated with changes and goals and objectives of the firm. |
1 month |
One to one meetings and formal presentations |
Written information and action plans |
|
Sales manager |
The sales manager should be informed regarding the changes in the sales forecast of the firm, which measures the strategies to be implemented in order to increase the sales of the firm. it includes various promotional activities that would attract the sales of deliveries towards the regional parts of the country. |
1 month |
One to one meetings and formal presentation |
Action plans, specific objectives and coaching |
|
Administration manager |
The performance benchmark for the truck drivers and the officers of the firm must be administered according to the relevant information provided regarding budget, time and goals of the firm. |
1 month |
Team meetings, newsletter and bulletins and memos. |
Specific objectives and written information |
|
Union/ employee representative |
The information regarding the changes in the working conditions of the drivers must be conveyed that would provide the incentives and new schemes that are accustomed to each driver. |
1 month |
New letters and bulletins, formal presentations, memos and internet |
Action plans, training, coaching and written information |
The format of the business report is quite appropriate in nature, which has started, from a well framed executive summary and ends with the review of the business plan. The sub-divisions of the report is quite well framed which shows the appropriateness of the report that has been structured in the table of contents.
The layout of the business plan has been quite well planned and the information provided has been quite well framed. This has provided the reader with extensive business plan regarding quality analyst that would be quite efficient in providing the appropriate knowledge (Bryman and Bell 2015).
The information that has been provided by the business plan regarding the background of the company is not appropriate. The business plan has provided some introduction regarding the firm in the executive summary, which proves it o be a weak attribute. There must be a different section dealing with the background of the company that provides the valuable information.
The market analysis of the firm has been quite well framed and provided. It has been successful in providing all the necessary information. The business plan has provided a detailed information regarding the services provided by the firm, the market situation in which it prevails and the demand conditions. This has been quite valuable in analysing the objectives and strategies that could be framed for the firm to achieve its targets.
The risk analysis of the business plan has been quite well scripted. The risks associated to the strategies of the firm have been compared with the possible opportunities that could be associated with the work. This has been quite exquisite in reframing and analysing the situations that are prevailing within the firm.
Various sections have been considered in the business plan such as the strategies, its needs and the pricing strategy. Except the background of the organization, all the other factors have been quite appropriate in providing an extensive business plan.
The research work has been quite appropriate in gaining the information regarding the market trends, the risk analysis, price strategies and the strategies to overcome the risks prevailing in the business plan, yet, the background of the company has not been so appropriate which provides a gap in the business plan analysis. The quantity of information regarding the stakeholder’s analysis has been missing which is one of the biggest mistakes that has been made. Stakeholders play an extensive role in the program (Finch 2016). The financial data is appropriately designed. The language use for the organization has been quite clear for the reader to understand the data and the analysis process.
The information that have been provided is quite valuable and clear, yet, the background of the company and the stakeholders analysis is the only gap that is missing in the business plan.
Reference:
Bryman, A. and Bell, E., 2015. Business research methods. Oxford University Press, USA.
Finch, B., 2016. How to write a business plan. Kogan Page Publishers.
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