This competency unit revolves around the development and execution of a business plan. It starts with identifying relevant frameworks and market requirements, assessing business needs and competitors, and collaborating with stakeholders to set performance objectives. Financial, human, and physical resource requirements are also determined. The subsequent phase involves communicating the plan, ensuring skilled labor availability, testing performance measures, and generating business reports. In case of failures or variances, they are reported promptly. Lastly, performance data is analysed against objectives, indicators are refined, underperforming staff are coached, and ongoing review processes are established for continuous improvement and adaptability.
What Will You Learn?
- By completing this unit, you'll learn how to develop and implement a robust business plan, ensuring it aligns with organisational objectives and complies with relevant regulations. You'll gain skills in effective communication, resource management, performance measurement, and reporting. You'll also become adept at problem-solving, performance analysis, leadership, coaching, and fostering a culture of continuous improvement. This unit equips you with comprehensive knowledge and practical abilities essential for successful business planning, execution, and optimisation, contributing to organisational success and adaptability.