BSBOPS601 Develop and Implement Business Plans
Assessment 1
This assessment aims to review the business plan of Jollys Java and Bakery and Traditional Home-Style Restaurant.
Review Business plan 1: Jolly's Java and Bakery
The business plan is identified as simple as information is well-organized under headings. The plan has clarity in goals, objectives and finding and establish a clear sense with the future perspective of the business.
It includes the content that is easy and practical for most of the sections. For instance, the market research seems incomplete due to lack of quantitative data. Although, the financial considerations for the plan are clear and practical. Apart of the significant financial data for the business, there are some missing components. For instance, there is no concrete or measurable objective as there is no systematic plan to communicate the growth and sales to achieve in the upcoming years. The plan is realistic regarding the sales goals and expense budget but there are no clear milestones to guide the resources for common outcomes. These missing components also make the plan incomplete, especially when seeking answer to the common questions regarding the objectives and milestones of the plan.
The plan has strength regarding its mission statement and includes significant information about the business and its products. It has conducted a sufficient market analysis and identified a unique value proposition. It has realistic financial projections and determined the adaptability and flexibility for the business roadmap.
However, there are some weaknesses capable management resources considering their experience and qualification and there is no information regarding growth and scalability over the time. It is also missing operational plan and risk assessment and mitigation for the initial executions. However, the proposed financial and expenses are realistic and accurate.
Review Business plan 2: TRADITIONAL HOME-STYLE RESTAURANT
The business plan of the restaurant is simple considering the design as it uses the financial tables and clear text to communicate the content. The content of the plan is easy and practical as the owners of the business have experience of the several years in the same industry.
The plan has concrete and measurable objectives, vision and mission statements and guiding principles so that the stakeholders can understand what is expected from them as part of the business. It also covers the significant information about the sales goals, expenses budget and milestones. However, there are no specific dates but the plan for the three year is clear. The inclusion of the management, legal and other significant information make the plan easy to understand and complete to address the common questions of the stakeholders.
The document has several strengths. For instance, it has comprehensive details about the financial projection and justified the data and assumptions. It also includes practical scalability and growth potentials while including the experience and qualified members in management. The plan is also flexible and adaptable with the changes in the situation so that it can ensure the essential outcomes even when the market conditions are not favorable. However, it has weaknesses regarding its approach for risk identification and management. It has limited insights on potential risks and only explores the gap that can hinder the project from the financial perspective. Further, it is missing details about the operational structure and executions. Overall financial data is accurate and reliable and showing the realistic expenses for the operations.
