Assessment 1
Business plan refers to the document that is created by the company that helps to describe the goals of the company, their operations, marketing objectives, financial, etc.
Company logo
Fit X
Business owners
William George and Sophia George
Business name
Fit X Fitness and wellness club
Address
225, North Sydney, Australia
Date of preparation
07/09/2022
- Executive Summary
Fit X is a wellness and fitness clubs that operates in many different parts of Australia. That provides different types of fitness and wellness facilities to the employees. It is located at 225, North Sydney, Australia. And was established in 1994.
The company was started by brother and sister William George and Sophia George, Fit X Wellness and fitness club is operating for 28 years and is a renowned Gym in their locality.
The organization offers different types of mindful andbest assignment services in canada physical activities to the customers they offer activities that are fun to do and that can be done by each and every person of different age categories (Kaul, 2012).
The company is looking forward to incorporating more activities so that can target a large number of people of all age groups.
The business wants to establish itself in every part of Australia to promote a healthy lifestyle. By providing fitness and wellness training to the customers at low prices so that everybody can afford it (Blank, 2013).
The company is also looking forward to increasing its net profit revenue to 15% on the annual basis. By making some changes in the organization like changes in the management process and replacing the old technology with the new one. And is looking forward to upfront the capital by collaborating with other businesses by sharing some equity with them (Kaul, 2012).
The company is looking forward to sourcing some finances for the further growth of the company.
- Company Description
Fit X is a wellness and fitness club that operates in many different parts of Australia. It is located at 225, North Sydney, Australia that provides different types of fitness and wellness facilities to the employees. And is operating since 1994.
The purpose of the business is to promote a healthy lifestyle and provide fitness and wellness training to customers at low prices so that everybody can afford it. The company offers different types of mindful and physical activities to the customers that are fun to do to attract customers of every age group. It has its branches in other parts of Australia but wants to expand itself more (Blank, 2013).
The company has a large no of employees working with them who handle different types of departments like fitness, meditation, management, nutrition, etc.
And now the company is looking forward to increasing its net revenue to 15% on the annual basis. By making some changes in the organization
The company was registered in 1994, April.
The company also has its own website so that customers can contact them and search about their operations directly. They operate as www.fitx.au.in
It is located in different parts of Sydney. And the average area in which the organization is situated is about 6000 sq. m. That consists of a fully functional Zumba space, strength space, meditation space, swimming pool, and a common space for all other fun activities.
And the space is completely owned by the directors.
For right now the Company is operating in some parts of Sydney and some other parts of Australia. But now they want to expand themselves in many other parts of Australia.
And now the organization is looking forward to incorporating more fun and innovative activities into the organization
And they are also looking forward to including some insurance related to workers’ compensation, product liability, public liability insurance, etc.
Operational Information
The organization needs to find more supplier who can supply the tools and equipment related to the workplace at low cost as comparatively to others so that the net profit earned by the company can increase.
There is a need to make a table that contain names of plant and equipment like
Equipment name, purchase price, Purchase date, running cost, so that can be analysed at a time.
There is also a need to maintain an inventory table so that the availability of all the resources could be keenly checked like:
Item name, Quantity of tools that are available at the present time, unit price, their total costs, etc.
There is also a need for some new technologies in the workplace so that the efficiency related to the system can be increased. that can help in maintaining the activities that are performed at the workplace. Like POS, other important software, etc.Fit X generally operates 6 days a week from morning 6:00 am till evening 10:00 pm.
As Fit X likes to go with the marketing trends so they accept payments through many methods like online payment, card payment, cash payment, and check payment.
And the company incorporates many credit policies including Collection procedures, Customer credit period, and supplier trading terms(Letunovska, et al., 2017).
And includes some policies that are related to refunds and warranties including business exchange policy and business refunds.
And now the organization is preparing to do some membership with other organizations related to health so that the organization could gather more customers and increase the productivity of the company.
And for the organization, there is a need to include a sustainability plan that outlines some impacts related to:
Resource and environment
Community
Constraints related to risk.
And there is a need to build an action plan that indicates the changes that are to be made in the organization and distributes the roles and responsibilities so that the work can be performed in order to meet the company’s requirements.
- Market Analysis
As per the analysis conducted by the organization it was found that there is a need to incorporate more innovative and creative skills and programs in the organization so that the risk of competition can be terminated easily (Hopkin, 2018).
The company conducted a risk management that included following things
| Potential risks | Likelihood | level | strategies to minimize them |
| 1. Competition | Normal | Medium | Analyse the market trends and stay ahead of the market |
| 2. Recruitment of unskilled human resource | High | High | Engage more than one expert while recruiting |
| 3. Financial risk | Low | Normal | set strategies and observe them regularly and set effective KPIs for its measurement. |
| 4. Participation of stakeholders (Hopkin, 2018).
|
Normal | Medium | There is a need to communicate with them properly and discuss with them the impacts of doing it. |
And there is a need to include some legal considerations in the workplace that are related to
Business law
Consumer law
And some WHS considerations to implement safe practices in the workplace.
- Organization & Management
The Management and Ownership criteria that are followed by the business are on the professional side as the business is based on a partnership structure where both the partners possess an equal share in the company, and they possess approx. 30 years of experience in the same field (Aurik, et al., 2015).
The key personnel of the company are as follows:
As the company is looking forward to including more fun activities in the workplace so there is a need to employ more staff like personal trainers, yoga and meditation teachers, Swimming assistants, nutritionist, helpers, cleaners, etc.
The company likes to provide professional treatment to the clients for that they focus on providing regular training to the staff in order to develop their skills.
And focus on the strategies related to skill retention (Aurik, et al., 2015).
And they are also looking forward to including some insurance related to workers’ compensation, product liability, public liability insurance, etc.
- Service or Product Line
Products and services that are provided by the company are as follows:
Fit X provide different types of fitness and wellness exercise to customers of different age groups they offer services like personal training, nutritional advice, steam bath, massage, etc.
And hold a nice position at the market level.
The pricing strategy is the thing why customers get attracted towards it very much as it was very reasonable so that everybody can afford their services easily.
Fit X like to incorporate innovative and creative skills in its organization so as to further increase its services, they have many trademarks and logos so that it can protect its intellectual properties(Rani, 2019).
- Marketing & Sales
According to the market research conducted by the companies, it has been found that there is a need to include more innovative and creative thinking in the company so that their productivity can increase.
To meet the market targets, there is a need to improve the performance of the company by improving the quality of services provided by giving training to the staff members, and by introducing more efficient technology and equipment in the workplace.
And there is a need to conduct some environmental analysis in the industry that include
Size of the market
Growth potential
Current trends of the market (Rani, 2019).
And for implementing new trends in the workplace first, there is a need to conduct some research on the customers like:
- Demographics of the customers
- Find out the key customers and analyse what services we need to provide to them.
- And learn and find out some ways to maintain the relationship with the customers in order to increase the satisfaction of the customers.
And as per the SWOT analysis that was conducted it was concluded that
Strengths of the company are its – Low and affordable prices, space, experience staff, services (Sarsby, 2016).
Weakness are – Need some update in the management system, and need to incorporate new technology, Factors affecting financial situation.
Opportunities are – Introduce more fun activities in the workplace that can be enjoyed by everyone and come in collaboration with other organization to reach more customers.
Threats- Due to competitors, Financial threat, and recruitment of less skilled staff.
And there is also a need to conduct some research on the competitors so that necessary changes can be made in the organization so that the productivity of the company can be increased (Sarsby, 2016).
And as per the research conducted some important facts that were analysed are as follows:
| Competitors name | Strengths | Weakness |
| Muscle Gym | The services they offer are according to the current market trends | Need to improve their management process |
| Get well | Provide services at affordable prices | Provide low quality of services |
| Fitness freak | Nice management | Services that are offered do not meet the marketing trends |
| Zapy | Provide high-quality services to the customers | Charge very high prices |
| Cut and curve fitness | Nice locality, and provide a high quality of services | Need to improve their management process |
And the company needs to find some promotional and advertising strategies based on 12 months:
| Promotion type | Impact | Expected cost | Date |
| Social media | Increase reach to the customers | $850 | 10/09/2022 |
| Using mass media | Come in the eye of the customers | $2000 | 10/01/2023 |
| By providing 15vdays free entry in the gym | To attract customers by the services offered | $5000 | 10/05/2023 |
And as per the research conducted it was found that there is a need to make some improvement in the marketing and sales objectives in the areas like:
Sales team
Sales tools
Sales techniques
Sales targets.
And this can be done by achieving a good selling position in the market.
- Future information
Vision Statement
To establish Fit X in every part of Australia
Mission Statement
To establish a healthy environment and provide services to the customers that are affordable so that everybody can use them.
And do collaboration with different health firms so that can attract more customers
Goals and objectives
Increase the net profit of the company by up to 15% annually.
And prepare an Action plan table so that the task could be completed smoothly and on time (Mariotti& Glackin, 2016).
- Financial Projections
There is a need to meet and analyse the financial objectives that are related to the organization like sales target, profit targets, etc.
And analyse the finance require that include (Mariotti& Glackin, 2016).
Financial sources like investors, loans, government funding’s, etc.
And analyse the own contribution of the company.
To analyse the financial situation and the needed financial assistance there is a need to prepare some documents related to:
- Profit and loss (Grozdanovska, et al., 2017).
- Balance sheet
- Cash flow
- Analysis based on break-even (Grozdanovska, et al., 2017).
- How to Make Your Business Plan Stand Out
Conclusion –
The plan highlights all the things that are required for the business in achieving success.
According to it is discovered that there is a need to incorporate some new and innovative things in the workplace and go with the current market trend.
Plus, to attract the customers provide the services at minimal cost and that can be done by collaborating with the suppliers that can provide the materials at reasonable prices.
And provide different types of fun workout that can be enjoyed by the people of different age groups.
Assessment 2
Implementation of the plan
- Before the meeting
The new mission, vision, objectives and goals of the organization
Vision Statement
To establish Fit X in every part of Australia
Mission Statement
To establish a healthy environment and provide services to the customers that are affordable so that everybody can use them (Yulianto& Kasahara, 2018).
And do collaboration with different health firms so that can attract more customers
Goals and objectives
Increase the net profit of the company by up to 15% annually.
And prepare an Action plan table so that the task could be completed smoothly and on time.
- Business plan
Company description
Fit X is a wellness and fitness club that operates in many different parts of Australia. It is located at 225, North Sydney, Australia that provides different types of fitness and wellness facilities to the employees. And is operating since 1994.
Services provided
Fit X provide different types of fitness and wellness exercise to customers of different age groups they offer services like personal training, nutritional advice, steam bath, massage, etc.
And there is a recruit more staff and there is also a need to provide training so that nice quality of services can be provided to the customers(Yulianto& Kasahara, 2018).
And there is also a need to set financial indicators so that threats related to financial issues can be minimised.
And at the end there is a need to monitor the key indicators in order to evaluate the overall performance.
To – Stakeholders
From – Operational manager
Date –
Sub- Business plan
Hello,
This mail is to inform everybody that our company Fit X has prepared a business plan so there is a need to discuss it with everyone and distribute the responsibilities.
The related document is attached in the mail so, you can go through it and attend the meeting that will be held by tomorrow.
Thank you.
- During Meeting
Operational Manager –Good morning
Stakeholders –Good morning sir,
Operational Manager – Today we have organized this meeting to discuss the business plan that we have prepared.
Stakeholders – Okay sir,
Operational Manager – As we all know that we all the part of a very renowned company and now our company wants to grow towards its potential heights so we need to help it by taking some responsibilities as per the identified changes.
Stakeholders – Okay sir, but what exactly our company is going to do?
Operational Manager – Yes, our company is trying to incorporate more activities that are fun and mindfulso that we can targetthe customers of every age group.
So, it will be analysed by the marketing officer.
And we will do collaboration with other health care companies to attract more customers.
And this will be done by the financial assistant.
We will provide training to the staff on the new technologies that the company will include to increase productivity.
And this task will be performed by the team leader.
Stakeholders -Okay sir, but we will need to set some KPIs to monitor the performance.
Operational manager – Yes, we will surely do that. And remember that we will have to do all these activities within the budget of $ 10,000.
Stakeholders – Okay sir.
Operational Manager – Any further questions?
Stakeholders -No sir, thank you.
Operational Manager – Okay then, thank you.
Assessment 3
| Questions |
| 1. List 5 characteristic that should form part of a Key Performance Indicator |
| Characteristics that should be the part of key performance indicator are as follows:
1. They should be simple 2 They need to be relevant 3. They should be easily measurable 4. They should be aligned in a proper way 5. They need to be actionable(Letunovska, et al., 2017). |
| 2. List 3 alternative approaches to developing key performance indicators to meet business objectives |
| Approaches that should be considered while developing the key performance indicator are as follows:
1. Determining the strategic objectives of the company 2. Determining and defining the success of the company 3. The selected KPI should meet the current situation of the company. |
| 3. What is the difference between a strategic KPI and an operational KPI? |
| Both Strategic and operational KPIs are important but they should indicate different stories.
Operational KPIs is used to measure the performance, whereas strategic KPIs are the indicators that help to locate whether the company is on right track or not and it is most effective for long-term business objectives(Isaak,2016). |
| 4. What should you consider when formulating your business goals? |
| The things that should be considered while formulating the business plan are:
1. Size of the organization. 2. Life cycle of the plan and project 3. Strategy that is designed to perform the task 4. Technology that will be used 5. And most important business environment |
| 5. What is normally included in a typical business plan? |
| Normally the good business plan should include points like
1. Executive summary 2. Sections containing services and products 3. Strategies related to marketing 4. Analysis of market 5. Financial planning 6. Budget related to business |
| 6. What should be identified in your marketing plan? |
| The points that are to be identified in the market are:
1. Targeted market 2. Determine what is the unique selling proposition 3. SWOT analysis 4. Identification of SMART objectives 5. Strategies of the company 6. Budget 7. Timing related to the plan(Isaak,2016). |
| 7. What should be considered when developing an operational plan? |
| The important aspects or factors that need to be considered when developing the operational plan are:
1. Funding 2. The availability of Physical resources must be considered 3. Organizational structure must be considered when making the operational plan 4. Planning the important dates as time is also a resource so it should also be considered |
| 8. What should be included in your financial plan? |
| The things that are to be included in the financial plan are:
1. Financial goals 2. Cash flow and budget planning 3. A Net worth statement 4. Emergency Funds 5. Debt management plan 6. Estate plan(Mariotti& Glackin, 2016). 7. Insurance coverage, etc. |
| 9. Why is it important to develop a business plan? |
| A business plan is really important for the business as it act as an important strategic tool for the entrepreneurs. A good and effective business plan not only helps the entrepreneurs to focus on the necessary and specific steps that help the idea related to the business succeed.
It also helps the organization in achieving long-term and short-term objectives related to business. |
| 10. What are the principles of Business planning? |
| There are five basic principles related to business planning:
1. Do only what you will use- It means do the things that has some value. 2. It is a continuous process and not just a plan 3. It helps to empower accountability and should set clear expectations. 4. It assumes constant changes and do not reduce flexibility 5. It is not accounting it’s planning(Mariotti& Glackin, 2016). |
References
Aurik, J., Fabel, M., & Jonk, G. (2015). A leader’s guide to an organization-wide strategy journey. Strategy & Leadership.
Blank, S. (2013). Why the lean start-up changes everything. Harvard business review, 91(5), 63-72.
Grozdanovska, V., Bojkovska, K., & Jankulovski, N. (2017). Financial management and financial planning in the organizations. European Journal of Business and Management, 9(02).
Hopkin, P. (2018). Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.
Isaak, R. (2016). The making of the ecopreneur. In Making Ecopreneurs (pp. 63-78). Routledge.
Kaul, V. K. (2012). Business organization and management. New Delhi, Pearsons.
Letunovska, N. Y., Dalechin, O. Y., & Bieliaieva, K. O. (2017). Practical aspects of business planning in the system of investment project implementation. Marketing and management of innovations, 3, 226-235.
Mariotti, S., & Glackin, C. (2016). Entrepreneurship: starting and operating a small business. Pearson.
Mariotti, S., & Glackin, C. (2016). Entrepreneurship: starting and operating a small business. Pearson.
Rani, A. (2019). Strategic Management is Key to Success For an Organization: A Conceptual Study. International Journal of Innovations in Managements, Engineering and Science, 3(1), 1-6.
Sarsby, A. (2016). SWOT analysis. Lulu. com.
Yulianto, A. A., & Kasahara, Y. (2018, July). Implementation of business intelligence with improved data-driven decision-making approach. In 2018 7th International Congress on Advanced Applied Informatics (IIAI-AAI) (pp. 966-967). IEEE.