BSBMGT617 Develop and Implement a Business Plan ...

Location:- Australia Study level:- Post-Graduate Level Unit code:- BSBMGT617

Now the elaboration towards the development and implementing a business plan will be elaborated in this part of the research. In the process of business development, an entrepreneur first needs to consult with the key stakeholders because the workers, employees and for other stakeholders the business is going to develop. Now after gathering a certain resources such as financial resources, human resources and other requirements, a business needs to review the market requirements because without knowing the market a business cannot be capable enough to reach to the potential target audience. Business can be of many types and understanding the taste and choice of consumers is also can let an entrepreneur understand about which path they have to take for the development and implementation process. Researching about the marketing areas and understanding the process and methods of pricing strategy that other business are choosing also falls under the business development plan. In addition to that, the business plan also must have the measure and objectives of performance that they can achieve while running the business in the competitive business management. For an example a business wants to come up with new products and wants to launch that in market. Thus for that they needs to understand the target consumers to whom the product will be suitable needs to be understood. Now after finding and identifying suitable people, a business needs to understand the human resources, financial resources and other sort of resource requirements. Managing proper human resources is necessary to let them work for different activities within the organization such as manufacturing, marketing, sales and many more other activities. On the other hand a strong financial resource is important to ensure that each and every activities and physical resources are gathering properly to complete the activities within time. For every activities starting from gathering raw materials to make marketing for the products a business needs to have proper financial resources. Therefore considering these a business needs to develop in such a way so that the business can meet the organizational goal and can achieve the target as well. After analyzing different paths for business, it needs to find the ways of implementing and monitoring the business plan. So the first thing that cans some into consideration is the availability of skilled labour force because having proper talented and skilled workers can ensure about maintaining the efficiency and productivity within the business operations. The starting with the production where based on different technological power an organization can effectively make the business plan implemented properly with better outcomes. The implementation of marketing can be done in different ways where the business needs to identify about suitable platforms to make sure that their products can reach to maximum number of people. The best way of marketing is the social media platforms where an entrepreneur can post the content related to launch new products to a business and accordingly people can have feedback on that post. Based on analyzing those like, comment, share and response from the consumers, the business can have broad idea about positive or negative outcome that they are generating from their business implementation. The social media channels are not only the options for marketing, rather adopting different internet and digital options to make sure about effective marketing options. Generating reports on each and every activities such as non-availability of adequate human power, financial resources, proper skills and technology and many more other things can maintain a proper timeline for the business development and implementation. In addition to that having proper tools for managing each and every resource is also key consideration that an entrepreneur can take into account for the business outcomes. Along with that reviewing the positive and negative side of the business process can also make the entrepreneur understand about where to work more to increase more productivity from the business. Monitoring the responses from stakeholders and act accordingly to satisfy their basic needs also falls under effective business plan and implementation. Along with that reviewing the processes of system and the methods of work in a regular way is also a part of continuous improvement and understanding that can help the entrepreneur to evaluate the business operation in better way.

This module has enrolled the management students in order to let them understand about the concept of business plan. Starting from the plan to the end of execution a business stages gets fulfilled. This code has been stated or discussed about different factors related to the business plan. Along with that it will also let the participants know about different process that an entrepreneur can take into consideration to ensure about the development and implement a business plan. Along with that the module will also stated about the basic principles of business plan as well.