BSBMGT616 Develop and implement strategic plans PDF

Preview

Summary

Develop and implement strategic plans BSBMGT616...

Description

GEN1400

BSBMT616

Bhim Singh

Bhim Singh

Name

GEN1400

Student ID

BSBMGT616 – Develop and implement strategic plans

Unit details

Assessment 1 - Written questions

The Work Health and Safety Act (2012) gives guidance on how the company .1 will create a safe workplace. One example of how it will influence the strategic plan is how to define the licences required for certain operations, the records they must .retain, and the reports that must be made Fair Work Regulations 2009 - This Act ensures that employees and employers have a fair relationship. When developing a company strategy, human resources are a crucial aspect to consider, as they may indicate not just expenses, but also whether or not the employee feels properly treated and secure while performing for .the organisation The Age Discrimination Act 2004 is an Australian federal law that prohibits age discrimination in employment. It applies to all types of workers, including full-time, .part-time, and casual employees, agents, and contractors The Disability Discrimination Act 1992 is a federal law that prohibits discrimination based on disability in a variety of settings, including employment, education, and access to services, facilities, and public places. Disability discrimination is prohibited under the Act, and it encourages equal rights, equal opportunities, and . equal access for individuals with disabilities The Racial Discrimination Act of 1975 protects persons against racial discrimination in a variety of sectors of public life, including employment, education, obtaining or utilising services, renting or purchasing a home or unit, and accessing .public spaces It is illegal to discriminate against persons based on their gender identity, sexual orientation, marriage or relationship status, or family obligations under the Sex .Discrimination Act of 1984 The process of identifying, measuring, and reducing any risk that impacts or is .2 inherent in a company's business strategy, strategic objectives, and strategy .execution is known as strategic risk management Define your company's strategy and goals. Companies often utilise frameworks .such as SWOT analysis to lay out their strategy

.1

Create key performance indicators (KPIs) to track progress. The best KPIs hint at .the levers that can be pulled to improve them

.2

Identify potential risk that might cause performance fluctuation. These are the . unknowns that will affect results, such as future customer demand

.3

Determine critical risk indicators KPIs assess past performance, but KRIs are . forward-looking leading indicators designed to identify possible barriers

.4

1

GEN1400

BSBMT616

Bhim Singh

Provide a standardised reporting and monitoring system. Finally, organisations must continuously evaluate outcomes and KRIs in order to reduce risks and . unexpected possibilities as they occur 3a. When developing the strategic plan, it is critical breaching as well as protecting the Intellectual responsibilities, as this may make sure a number companies, as well as protect the company from

.5

to consider the risks of not Property (IP) rights and of advantages to competing legal actions connected to .misconduct by the company

: The following are some of the risks that a company may face It is important for a firm to make information public, but such information must also . be well-protected from any infringements Compliance Risk: Because of the numerous legal concerns relating to intellectual . property rights, it is critical to be aware of their legal consequences Brand Risk: A company's brand is part of its intellectual property and may be one of its most valuable assets. It is critical to safeguard the company's image and brand .reputation The risk that access to information (data or programmes) may be provided or . denied incorrectly. Access risk assures trade secret protection It is critical to be aware of, track, and understand a company's intellectual property .(IP) and its related business value

.1 .6 .7

.8 .9

3b. The risk that a change in laws and regulations would have a substantial impact on a security, business, industry, or market is known as regulatory risk. A change in rules or regulations enacted by the government or a regulatory agency can raise the costs of doing business, make an investment less appealing, or alter the competitive .environment : Examples of regulatory risk are as follows Tariffs and trade policies are two aspects of trade policy. Changes in international trade policies may have an impact on businesses that export and import items on a regular basis. They also have an impact on investors who make foreign direct .investments Increases in the minimum wage may be a major source of regulatory risk since they have a significant impact on firms, particularly if they recruit a large number . of low-skilled workers Changes in mandatory vacation or sick days have an impact on a company's financial line since they are obligated to provide employees with additional time .off Financial institutions are frequently subject to transparency, investment strategy, . and liquidity restrictions 4a. Political, economic, social and technological (PEST) analysis- The primary goal of a PEST analysis is to identify what external forces may impact your company and how those forces may provide opportunities or risks to the business. PEST analysis assists you in determining which elements may alter in the future, t o remain . competitive, and create a more effective long-term plan P- Political factors include how legal and regulatory laws, as well as the political environment, may impact your organisations freedom to operate and eventual . profitability. for example, trade policies, government regulation etc E- Current economic stability, projected growth, inflation rates, interest rates, and .other economic factors that may have an impact on business operations S- Socio-cultural factors take into account the population and target demographic 2

.1

.10

.11 .12

GEN1400

BSBMT616

Bhim Singh

to determine how effectively the firm can compete in the market. Age distribution, . cultural views, and workplace or lifestyle trends are examples of such factors T- Technological factors have impacted the workforce is through expanding access to and accessibility of remote working alternatives. These developments would have far implications for the future of work, influencing how firms organise their operations .and workers 4b. Strengths, weaknesses, opportunities and threats (SWOT) analysis SWOT analysis is a strategic planning method that gives instruments for assessment. The identification of key strengths, weaknesses, opportunities, and threats leads to fact-based analysis, new views, and new ideas. SWOT analysis gives a rapid snapshot of the company's situation in terms of opportunities and threats, advantages and .disadvantages, and so on S- Strengths are a strong brand, a devoted consumer base, a robust balance sheet, .innovative technologies etc W- Weaknesses prevent an organisation from operating at its best like a bad brand, higher-than-average turnover, high levels of debt, an insufficient supply chain, or a lack of capital are examples of areas where the company must improve in order to .remain competitive O- Opportunities are external variables that might provide a business with a . competitive edge. Increasing sales, for example T- Threats are variables that have the potential to cause harm to an organisation. For . example, rising material costs, more competition, and a lack of labour -: Steps to Identifying Your Organisations Values 6 .5 Analyse current organisational culture in order to fully assess where your firm .1 stands, you must first assess its current organisational culture. Interview clients, workers, and your leadership team in focus groups or via an online poll to determine .your organisations identity Examine your strategic business plan It is critical to set your goals early in the .2 values process. for example, to develop a revenue, growth, staffing, production, and .expansion strategy Determine the culture required to achieve your plan once have determined where .3 you want your business to go in the next one to five years, it's important to examine your organisational values for example, a diversified workforce and a satisfied .clientele Examine the results of your original survey or focus group and determine whether .4 . they are the values required to achieve your strategic goals Members of the company should have a good understanding on how to put each .5 .concept into practise A strong base of principles for your business will help employ the right people, but .6 will also help you develop an engaging, authentic, and, most importantly, effective .organisational culture Assessment 2 - Analyse organisational strategy requirements

Part A: Role Play Good morning everyone, welcome to todays meeting to review mission statement, vision statement and strategic goals for .CrossFit endurance business plan

Business development manager

.Good morning, thank you for the invite

business :owners

3

GEN1400

BSBMT616

May I please request the owners to confirm the company's current vision and mission, and confirm that if the vision and mission are ?still considered current

Bhim Singh

Business development manager

Yes, our current vision statement is CrossFit Endurance will become :Vanessa Choi the largest CrossFit affiliate in Queensland in terms of membership .size I can confirm out Mission statement is CrossFit to give the best : workout experience possible in the following ways Coaches should have CrossFit experience as well as good • .communication abilities To maximise motivation, ensure that all members receive both • individual attention and a sense of community in a group .environment verify that your equipment and programming are up to CrossFit • industry requirements

:Arvin Krishan

I have identified changes to the mission and vision statements depending on the strategic direction of the organisation, I would .like approval on it

Business development manager

. Yes, we would like to here the identified changes

:Vanessa Choi

To build CrossFit Endurance as Brisbane's largest health and • . fitness facility Making functional training and the pursuit of good health and • . fitness more accessible to a wider variety of participants

Business development manager

Can you please present five organisational values for the firm, so that we can collectively finalise three most relevant values in the updated vision and mission statements

:Arvin Krishan

Sure, sir. According to my research I have identified the following -:organisational values Respect for the community • .Priority should be given to health above body • Concern for society • Working solely with skilled professionals • Sincerity and honesty •

Business development manager

We can incorporate three of them - Priority should be given to health above body; Concern for society; Working with skilled professionals

business :owners

We would to discuss the organization's strategic direction for .planning process :the organization's strategic direction for planning process Endurance Group intends to have a minimum of 550 long-term • members across three CrossFit Endurance sites by the end of .fiscal year 2021 attain a profit margin of 30% • . Participate in at least five different community/social activities • maintain high standards of safety, as well as the currency of • employee knowledge and skills

Business development manager

Part B: Research internal and external environment 4

GEN1400

BSBMT616

Bhim Singh

Four types of information need to successfully analyse the internal -: environment of CrossFit Endurance Staff - sources: meetings, feedback Sales results - sources: finance reports, meetings Marketing results - sources: reports, meetings Customers - sources: surveys, feedback

.a .1 .13 .14 .15

b. Six types of information need to successfully analyse the external -: environment of CrossFit Endurance Environmental factors- sources: not for profit organisations, environmental sustainability Government rules and regulations - sources: employee wages, workplace safety Economic changes- sources: incentives, distributional policies Competition's Threats -sources:- internet, feedback Factors of politics- sources: trade and commerce Updates in technology- sources: experts -: c. PEST Analysis of CrossFit Endurance Political . For new branches to open soon, the registration process must be specified • Consideration of employment regulations may be useful in the process of recruiting • .new fitness instructors While operating firm services and activities, central government and state regulation • .should be merged Political power has an impact on the market, taxation, laws and regulations, and the • .entire business Economic Every transaction and payment should be made in accordance with Australian taxes • .rules The market's and a specific company's or organisations financial inflation must be • .monitored and reported accordingly CrossFit Endurance is required to describe its specific type of business purpose in • .order to establish its business theme Social New membership rules must be established based on location, and membership • .rules must be provided based on location Ethics and moral standards must be upheld while adhering to internal and external • .standards Branding is the distinctive identity of a firm or organisation; thus, exclusive branding • . properties are required to establish its unique identification Technology . With the use of technology, facilities can be operated, recorded, or monitored • In order to maintain systematic and structured services, technical features must be • .set on a timely basis Global communication is available through technology such as the web, Internet • media, or applications; this is a better approach to disseminate company promotions, .ads, and attract customers -:d. Identify three competitors Weaknesses 5

Strengths

Value to customers

Product offering

Competitor name

GEN1400

BSBMT616

Bhim Singh

Membership is • .expensive There is no • typical gym .equipment The service is • not available 24 hours a day, seven days a .week There are no • employees to keep an eye on the customers' .well-being

It is always at • an ideal .location Classes of the • same kind Equipment of • superior quality Qualified • trainers

Group work in which people can form a team

It provides HIIT (High Intensity Interval Training)-based group training exercises that incorporate aerobic and strength .training

They do not have enough customers to offer as many classes as they .would like

Reasonable • price large venue • 24/7 •

Convenience and a relatively low cost

Client fitness Anytime facilities are Fitness available 24 hours a day, seven days a week in various locations around Australia and .the world

Do not provide • Several • They have a any personal locations large number .help Large areas • of pupils, Basic training • Various classes • forming a The service is • fitness not available .community 24 hours a day, seven days a .week

provides professionally equipped gyms and unique exercise methods based on fundamental movement .training ideas

Orange Theory Brisbane

Fitness First

e. SWOT Analysis of CrossFit endurance Weakness

Strengths

High expenses associated with • personalised, one-on-one service

Customer participation is extremely • high in regular programmes as well as special events

Professionals who are reluctant to change

• A strong community with a culture of acceptability and inclusion

Threats

Opportunities

.Competitors offers same services • The membership is not the lowest on .the market

•

•

Development of a larger range of • programmes for a diversified audience, such as yoga and functional training for elderly individuals, that differ from .CrossFit Indooroopilly's new programmes and •

6

GEN1400

BSBMT616

Bhim Singh

.clients are being developed

Part C: Role play Good morning sir, welcome to todays meeting and I am looking Business forward to gain consulting on strategic direction for endurance development .group :manager .Good morning, thank you for the invite Fitlife :consultant Can you summarise PEST analysis and identify for its possible Fitlife ?influence on the business :consultant The PEST analysis would impact CrossFit endurance in Political Business stability, administration that prioritises people's health. In development Economic analysis there is a lack of demand for exercise services. :manager In Social analysis, people are more concerned with living a healthy lifestyle, so promote should be done on internet. In technological . analysis the use of equipment to track body reactions After examining the consultants' agreement with our company’s Business .PEST I would to know its possible impact assessments development :manager Sure, I think development of a larger range of programmes for a Fitlife diversified audience, such as yoga and functional training for :consultant elderly individuals, that differ from CrossFit would be a great addition in terms of social and technological perspective, this will ensure customer participation is extremely high in regular .programmes as well as special events Do you think CrossFit endurance's strategy direction aligns, do you Business ?suggest any improvements development :manager According to the strategic goals, its best in to participate in at least Fitlife five different community/social activities and have a minimum of :consultant 550 long-term members across three CrossFit Endurance sites by .the end of fiscal year 2021 What do you think about strategies for identifying company Business ? possibilities in order to meet strategic objectives development :manager -: After analysis my suggestion for CrossFit endurance will be Fitlife Offer mindfulness-related activities • :consultant Offer functional training circuits • Carry community programs out •

Part D: Role play Good morning mam, welcome to todays meeting about environment Business .analysis and opportunities development :manager 7

GEN1400

BSBMT616

Bhim Singh

.Good morning, thank you for the invite Vanessa :Choi Have you identified the competitors chosen, as well as the reasons Vanessa ?behind your choice :Choi Yes, I have chosen three of them, Orange Theory Brisbane offers group training activities based on HIIT, aerobic and strength training; Anytime Fitness offers 24 hours a day, seven days a week and . Fitness First are professionally equipped gyms

Business development :manager

?What do you think about your competitors Business development :manager I agree with your choice here considering they offer similar services Vanessa .to us :Choi .Let’s discuss the SWOT analysis you prepared Vanessa :Choi Sure, according to the threat, CrossFit endurance seems to be a bit Business . pricey as compared to the other fitness centres development :manager Yes we do, maybe that can be adjusted in the future, any Vanessa ?opportunities to grow :Choi According to the Fitlif...