BUSM4599 Bachelor of Business
Task:
Using the business idea identified in the Business Proposal, students are required to research and prepare a formal business plan using the following template.
Completion of this assessment will require you to:
Prepare a Financial & Operations Plan
1.Estimate revenue relevant to your proposed business idea
2.Estimate expenditure relevant and appropriate to your business idea
3.Estimate business start up costs
4.Develop statements of personal and financial position
5.Complete cash flow statements and projections
6.Determine business start up costs
7.Develop and interpret profit and loss statements
8.Use financial reporting templates (Excel)
9.Implement management structure and strategies to operate an efficient and effective business
Operations & Financial Plan
1. Recruitment
Consider your recruitment policies – Detail the basis on which you intend to select your staff, and what you can do to ensure that the process is as successful as possible.
2. Position Descriptions
Describe the key responsibilities and skills required for two positions within your business, including your own. In addition, outline your obligations as a business under the National Employment Standards i.e. wages, taxation, superannuation and WorkCover.
3. Human Resource Management
Identify two business objectives and demonstrate how you will meet those needs using human resources. Include the costs associated with the human resource strategy you have chosen.
4. Time Management
a.How many hours do you intend to work per week on your business?
Explain your reasoning.
b.How many weeks do you intend to work in the year?
Don’t forget to account for a decrease or complete lack of income during holiday periods in your financial projections.
c.There are a number of useful apps and software that can help improve your time management. Research three sources that will save you time (and perhaps even money too!) by streamlining tasks within your business.
5. Productivity Timelines
Choose one of the following which best suits your business.
a.Outline the schedule for production of your product across a year. Include time to ideate, manufacture, send to retail, promote and sell.
E.g. A fashion designer might develop ideas for designs in January, manufacture February, and send to retail in March ready for sale in March/April for an autumn collection. This process would begin again in April.
b.Outline the seasonal expectations of your service across a year. Include peaks and troughs in expected client numbers and what you will do during quiet periods.
E.g. A freelance photographer may spend more time with clients in summer months due to fashion festivals, weddings and corporate functions and expect a decrease in work through winter months during which time they may spend more time on promotional activities.
If you are seeking employment, identify key times during the year when employment might be more readily available in your industry and create a timeline of tasks to be completed prior to these dates.
