Course Content
Establish a business plan
This topic covers creating a business plan by considering organisational and legal frameworks, market requirements, business goals, competitors, and resource needs, with input from stakeholders
Implementing a business plan
This topic involves executing a business plan by communicating it to stakeholders, ensuring skilled labor availability, testing and refining performance measures, generating reports, and promptly reporting any failures or variances.
Responding to performance data
This topic focuses on responding to performance data by analysing reports, refining performance indicators, coaching underperforming staff, and establishing continuous review processes for improvement
BSBOPS601 Develop and implement business plans
About Lesson

A well-rounded business plan hinges on thorough market analysis, which encompasses an understanding of the product or service, target customers, and their needs. Researching the business environment and market conditions is pivotal. This research can entail primary methods like surveys or interviews, albeit time-consuming and expensive, or secondary data sources such as internet data, competitor data, industry associations, and more.

To gain insights into market trends, conducting a PESTLE analysis is invaluable. PESTLE examines macro-environmental factors (Political, Economic, Social, Technological, Legal, and Environmental) that impact a business. It assesses political interventions, economic forces, cultural shifts, technological advancements, legal constraints, and environmental influences.

Additionally, Porter’s Five Forces model helps gauge industry competitiveness, considering factors like buyer and supplier power, threat of substitutes, and barriers to entry.

Furthermore, a SWOT analysis explores internal strengths and weaknesses, as well as external opportunities and threats, aiding in strategic planning and decision-making. This holistic approach ensures a comprehensive business plan founded on robust research and analysis.