Describe about the Business Plan for Specific Organization and Business Intity.
The major aims or objectives of the business plan are to ensure that there is an increase in not only the production but also the sales of the company. To ensure this was achieved, all the organizational stakeholders who included managers, supervisors, employees, and all the relevant staff of the company were informed about the goals and objectives of the business plan, what was required in terms of performance and the timelines that were associated with each and every activity in the business plan. Before the business plan was developed, the project manager ensured that the goals, objectives, performance requirements as well as the timelines were effectively communicated to the relevant staff through staff memos and through emails. This was quite essential because the success of any organizational business plan is not only dependent on the managers alone, but rather it is a collective responsibility of all the concerned stakeholders in the organization (Grant, 2016). Owing to the fact that our company was not achieving the set targets in terms of production and even sales, it was important that a business plan was developed to set out what should be achieved to enhance productivity as well as sales.
2: How a Review of the previous strategic and business plans will assist in the development of the new business plan
After reviewing the performance objectives and comparing them to both the business plans goals and the strategic goals , it can truly be ascertained that the performance objectives that have been set are appropriate and they are actually relevant towards the goals which have been set.
SMART objectives refer to objectives which are prone to succeed because of not only being clear, but also because of knowing what requires to be attained or achieved. Based on the information, it is quite apparent that that some of the objectives are SMART while others are not. In order to make some of the objectives to be SMART, the objective that sets the sales revenue of the online sales to be more than $250, 000 at the end of second financial quarter of the year need to be changed to at least $150,000.
Based on the above information, it can truly be asserted there are various types of skilled labour that may be needed in order to help the organization achieve the goals and objectives that have been set out in the business plan. Such kinds of skilled labour will include Accountants, Information and Communication Technology experts, System Analysts, Web developers, and even web analytics that will be tasked with the responsibility of ascertaining the online sales that have been made at different times of the year.
The method of communication that was used to ensure that the requirements of the business plan reached the targeted parties or audience was written communication through the use of staff memo. The use of written communication was quite reliable because it enabled all the concerned stakeholders in the organization become fully aware of the contents of the business plan and what was required out of every concerned stakeholder in order to ensure its success. To ensure that the contents and requirements of the business plan had been comprehended by all the relevant parties, the memo asked the parties to send a confirmation message of attendance to the number of the project manager that was put in the memo. The success of using the written word in communicating to the relevant parties was ascertained after analyzing the number of text messages that had been sent to the project manager. It was ascertained that approximately all people had sent messages confirming a meeting to discuss how the business plan will both be developed and implemented. The success in the written word as a method of communication was also ascertained through the word of mouth since most members confirmed that they were aware of the requirements of the business plan.
Availability of Skilled Labor
In the implementation of the business plan, it was prudent to ensure that all the required skilled labor was available at the appropriate times. To ensure that this was achieved, various positions were advertised together with the job descriptions and individuals advised to apply. The relevant recruitment and selection processes were undertaken in which the most qualified individuals for the various positions that had been advertised for the business plan were chosen and subsequently employed (Hair, 2015). The relevant orientation and training procedures were also undertaken to ensure that the people employed were fully aware of their roles and responsibilities. All the people who were selected for the various positions for the implementation of the business plans were during the process of recruitment, interviewing, and selection been effectively tested to ascertain that they had the relevant skills to do the work appropriately.
Factors to Consider when Developing or Creating Performance Reports
In order to effectively develop performance reports for the business plan, it is prudent to ensure that the objectives, actions, and priorities of the company are well outlined based on the resources which are available. It is also prudent to ensure that the progress of the organization is monitored well across the business plan and any adjustments or amendments made accordingly. To effectively ensure that a performance report is developed, the project manager should ensure that the public purpose of the organization is well explained and that its priorities relate well to the general priorities of the organization. In addition to that, it is also prudent to ensure that the measures of developing performance reports for the company are in line with the appropriate outcomes. This can be done through placing strong analysis of some critical performance aspects. Such measures should thus aid to assess the extent to which various activities in the business plan are actually making progress to not only organizational objectives, but also towards the desired outcomes.
Performance measurement refers to the process that entails the collection, analysis, and reporting of information in regard to the performance of a specific group, individual, system, component, organization or system. Performance measurement comprises of strategies or processes in an organization in order to ascertain whether such outputs are in conjunction with what was initially intended or aimed to be achieved (Ross, 2016). In order to effectively test performance measurement systems, various techniques were used and these include among others:
Identification and Reporting of system and Product failures and Variances
Failure of a system to work effectively was ascertained to be an indicator that a system had failed and thus it was reported to the relevant personnel that were concerned with its maintenance. In order to ascertain product failures as well as variance, there was abnormality in the normal shape of the product in that there were remarkable differences between the original product and the one that had failed or varied. After the identification of any system and product failures, it was reported to the people who were concerned for appropriate and corrective action to be taken. Corrective action was subsequently taken to ensure that the systems and products were restored to order.
Performance indicators that need to be review and refined and the processes used in the identification of relevant changes and modification of performance indicators
A performance indicator refers to a measurable value which demonstrates how effective an organization is attaining major business objectives. Most organizations across the world use key performance indicators in evaluation of their overall success at reaching targets. Some of the performances indicators that will be need to be reviewed and refined include financial metrics. Some of the financial metrics that will have to be reviewed and refined includes profit (Ansari & Qureshi, 2015). Profits are one of the most vital performance indicators in an organization that is capable of generating high return. Other financial metrics include cost, the cost of goods sold, day sales outstanding, and the sales by region. Other performance indicators include customer metrics which comprise of the customer lifetime value or CLV, Customer Acquisition Cost or CAC, Customer Satisfaction and Retention, Net Promoter Score or NPS, and the Number of customers.
Other performance indicators include process metrics that are composed of customer support tickets, percentage of the product defects, and efficiency measures. The people metrics are also key performance metrics and they include among others the Employee Turnover rate or ETR, the “Percentage of Response to Open Positions”, and employee satisfaction. To identify the relevant modification and changes that are required on the performance indicators, it is important to ensure that sufficient research is done on the key performance indicators in order to ascertain the ones which are appropriate for the implementation of the business plan. After researching, it is important to ascertain the KPIs which will help the company to further comprehend and meet the goals of the organization and ensure that they are effectively integrated throughout the organization. The project managers should also ensure that the KPIs effectively matches the organizational strategy and not just the industry.
Some of the changes made to the system processes were ensuring that business processes were aligned effectively in order to enhance productivity, efficiency, and even customer satisfaction. Some of the changes that are made to both the system processes and the work methods soon after completion of the review process were mapping, analysis of the process, redesigning, acquisition of the relevant resources, implementation and communication of the changes, and finally reviewing the entire process. The change management should include various stakeholders and these include among others the customers, project manager, the change committee, and change builders.
Based on the case study information, some of the people that the plan developers ought to consult when developing performance objectives and measures the people who are tasked with the responsibility of recording the online sales of the organization, the salesmen tasked with the responsibility of selling the company’s products and services, the organizations, managers, supervisors, and the entire management, and even members of the community who should be consulted in order to ascertain the kind of sports as well as entertainment events that may suit respective communities.
Based on the case information that has been provided so far, there are numerous human, physical, and financial resources that could be needed in order to achieve the goals of the business plan. Financial resources refers to money or funds which are available to a business entity for spending Some of the financial resources that are required to achieve the goals of the business plan includes liquid securities, money, credit, and other cash equivalents. Other examples of financial resources include valuable property which an organization owns and which can be used in doing things which require money.
On the other hand, physical resources include all tangible resources which are both owned and used by an organization. Some of the physical resources that will be required by the company in order to achieve or attain the goals set in the business plan include among others office equipment, land, and manufacturing equipment. It is also important to note that information technology together with its related components such as the attendant equipment, servers, computers, printers, and even networks are also categorized generally under the physical resources that will be required to help the organization achieve the goals set out in the business plan.
Lastly, human resources refer to the personnel of a specific organization or business entity. It is also defined as being a department of an organization or a business which deals with the hiring, recruitment, training, and even administration of personnel. Some examples of human resources which will be required to achieve the goals set out in the business plan includes individuals working for the company or even the organization and the relevant department that is tasked with the responsibility of managing resources which are associated to employees.
Reference List
Ansari, Z.N. and Qureshi, M.N., 2015. Sustainability in Supply Chain Management: An Overview. IUP Journal of Supply Chain Management, 12(2), p.24.
Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.
Hair, J.F., 2015. Essentials of business research methods. ME Sharpe.
Ross, D.F., 2016. Introduction to e-supply chain management: engaging technology to build market-winning business partnerships. CRC Press.
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