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Business Plan: Fast Track Couriers

Document with any required evidence attached. See specifications below for details.

Performance objective

You will demonstrate the skills and knowledge required to monitor the performance of a business plan.

Assessment description

For this task, you will monitor the performance of a business plan, through testing and refining of the performance measurement system, and report on progress of the business plan in a timely and effective manner.

Procedure

1. Review the completed business plan from Assessment Task 1.

2. Identify the key performance objectives.

3. For each key performance objective:

a. Produce a report to capture and test the performance measure.

4. Write a brief report on how you would test the performance measurement systems, including:

a. Acceptable levels of variance to planned objectives (where applicable).

b. The timeframe for each report – how frequently reports will be completed.

c. What benchmarking will be used.

d. Who the key stakeholder will be for each report.

Specifications

You must submit:

? a report on capturing performance data for each performance measure

? a written report explaining how the performance measurement system will be implemented and tested, and how system/product failures and variances to the business will be reported, to whom and when.

Your assessor will be looking for:

? in your performance measurement system:

? one report for each performance measure

? covers financial and non-financial performance measures

? report should be pitched at the appropriate level for the recipient

? should be presented in a readable and logical format

? should include graphs, charts or other methods of presenting data

? in your report:

? timeframes should allow appropriate action to be taken (where necessary)

? identify key stakeholders who will require the information

? describe the benchmarking used to determine suitable performance measures, including tolerance levels and variances to plan

? document how system failures, product failures and variances to the business will be reported, to whom and when.

Adjustment for distance-based learners:

? No variation of the task is required.

? A follow-up interview may be required (at the discretion of the assessor).

? Documentation can be submitted electronically or posted in the mail.  

Answer


Executive Summary

The assignment provides an effective illustration of the business plan that Fast Track Couriers need to work on and prepare an effective continues to process. This plan help in relating with the different performance that the company does and the different directions through which it is being implemented in the company and be provided for the beneficial for the customers. The following study will provide information about the description of the business along with the products and services that it provides. Different marketing activity along with the different operations this will be suitable for the company to perform and make it works as per the needs of the customers.

Task 1 Develop the business plan

Part A Development of a business plan to support the company’s strategic goals

Introduction

A business plan is a written document that helps in describing how a business is going to achieve its goals. It is a written plan under marketing, financing, and operational working procedures. In this context an efficient illustration of the business products that Fast Track Couriers produce and have a good reputation in regarding the packages across the city. The company had been using operating in New South Wales for the last 15 years and their primary function is to deliver medium and large sixe packages around the country. The coampny had marketed through direct-sales, telephone, internet listings and mail-outs. The following study will provide information about the description of the business along with the products and services that it provides. Different marketing activity along with the different operations this will be suitable for the company to perform and make it works as per the needs of the customers.   

Description of the business

Fast Track Couriers is a courier company, which operates from New South Wales for 15 years. The primary work of the company is to perform delivering packages across the state. The business has a good reputation in the marketplace and performs reliability with the performance that it provides. The company currently plans on mainly targets small and medium-sized business and this makes 80% of its customer’s base. The retention rate of the company is admirable to 87% for the existing customers. The company markets through direct sales, internet listings, and telephone services. The future plans of the company retain the customer base through the use of new courier patterns that may be helpful and in providing new and digital use of courier performances.   

Business products and services

The company provides delivery products to its customers, has built a good reputation for the past 12 years. The company grows effectively with annual sales of $17 million for the year. The company's main service is to market sales, telephone and interest listings into the market. The company has been reflecting their growth and profit margins and primarily targets small and medium sized business which will help the company to grow their customer base to 80%. The sales of the company had also increased to 5% and had been looking forward of delivering to regional areas in NSW.  

Marketing activity

The company mainly focuses on the small to medium-sized companies and provides couriers service to 80% of its customer base. The geographical location of the company is very limited and currently, the company does not deliver outside the state. The sales and profit of the company have increased to 5% on an average. The company has been making 80% of its customer base with the use of its current plan and these needs to be analyzed and take into consideration as per the requirement. The geographic location is considered to eb the main factor for the company as currently the company has not been delivering its servicing outside Sydney metropolitan area.   

Business operations

The strategies that are being made in the company help in developing and getting the result through the external market research and also indicates the shortage of delivery and providing services to the NSW towns. The company is also looking to grow their opportunities and sees on the ideal opportunities that are required to get the works on time and as per the rules and regulations. The company has been working and marketing through direct sales and internet listings and with this program taken into consideration of telephone follow-up the customer ongoing satisfaction with the business had also increased. 

Management and organizational structure

The company is organized through three different members that act as the Board of Management and the responsibility for approving the business decision. The organizational structure consists of the personnel as follows:


Managing DirectorThe person is responsible for the operations that are happening on the daily basis and takes the necessary decisions as well.
Logistic ManagerThe person is responsible for the decision-making and scheduling of the trucks and deliveries that are will be done throughout the day.
5 office support employeesThe people are responsible for the maintenance of the accounts, administration, and sales of the company.
20 truck driversThe people are responsible for the delivering of the goods to its destination. 

Fast Track Couriers organizational Structure

Figure 1: Fast Track Couriers organizational Structure

(Source: Self-developed)

Proposal

The company currently allocates two drivers to load and unload heavy packages and the strategy relating to this has moved forward. It is to remove the need for two drivers per truck through installing of the automatic lift gate on the back of each truck. The cost of the construction will lead to $10,000 per truck and this means that one of the drivers is needed for each of the truck has no heavy lifting will be necessary for this process. Under this, it will allow the company to purchase 10 new trucks and use the existing drivers into the regional routes. Each of the truck will cost $60,000 including the installation of the lifts. The money will be borrowed from the bank and will be implemented in the business plan.  

Financial background

The annual sales of the company have been recorded as $17 million under which the estimated sales were recorded as $22 million. The annual profit, which included current net profit, was resulted in $1.9 million and the estimated net profit resulted to $3.2 million. The costs that the company incurred in the year was recorded were loan repayments $200,000 per annum, Operating costs were recorded as $2.2 million, Administrative costs were recorded as $100,000 and the labor costs were for that particular year. The salary range of the company was provided between $32,000 to $75,000 per annum. The driver of the company was paid $45,000 per annum and the age criteria were between 25-65. 

Risks analysis


Probable riskProbability of OccurrenceEffect Responsible staffRisk Involved
Uncertain use of techniquesHighOn the use of the new techniques that are being sued in the companyManaging DirectorThe techniques that are being used may not sometimes help the company as the digital techniques may not help in establishing the performance effectively. 
Lack of financing Medium 

On the profits earned for the yearFinance ManagerThe financial works that are being conducted in the company may sometimes make it hard for the company to perform effectively. 
Non-timely delivery           LowRejection by the customersLogistics ManagerDelivering the services in time may sometimes not help the working procedures of a company as this is hard to maintain time quality every time. 
Inefficient business operationsMediumOn the employees of the companyAdministration OfficerThe business operation that are being performed by the company may be inefficient as the works that are being performed to maintain the performance are not to the point and effective. 

As per the above table, a discussion can be made using the probable risk factors which include the following factors like Uncertain use of techniques, lack of financing, Non-timely delivery, and Inefficient business operations. All the factors provide different views in consideration of the performances that may lead to inefficiency of the procedures for the customers. In this consideration, the different skills that may be required in maintaining the risk factors are skilled labors that are available to implement the plan and recruiting and training of the employees would need to be done as per the requirements. Secondly, Licensing will help the performance of the company to deal with the delivery concern, which the company may face at any given time. All the skills need to be implemented in order to deal with the risks that may arrive at any moment. 

Conclusion

As per the study which provides an effective illustration of the business and describing the different business product and services. Marketing activity will provide the total customer base earned during the year. A suitable organizational structure has also been provided to show the affectability of the delivering of the products. The products description and the services that the company provides will also help in deciding the performances of the company in an effective manner. The business plan that has been provided in the above points will effectively provide the business plan to the stakeholders. Under this the performances that are being done in the company will effectively help the company with the different performance criteria as the stakeholders holds a important place in context of the company. This will provide with the necessary requirements and take necessary stakeholders procedures to take decisions as per the requirement.

Communication strategy:

The process that has been used to develop the business plan

As per the above discussion of the Fast Track Couriers and its performances criteria, a business plan has also be implemented in the study which will provide effective discussion on the works that the company does. The business plan includes the following points, which are as follows:


Business plan pointsFuture expectations (Growth business plan)
Description of the company Leading courier company of New South Wales
Organizing and management The company has organized a new procedure in dealing with the customers in which it provides discounts to the customers
Services and productsNew services are being evolved in the company which includes trading 24 hours continuously
Marketing and salesThe company generally delivers small and medium-sized companies through which services are being provided including discounts
FundingThe company decides to take the loan from the bank


The key stakeholders

Some of the key stakeholders of fast-track Courier Company who keeps the record of the performances done by the company are as follows: 


Internal StakeholdersPerformances
StaffsStaffs need to take look into the services that are being done in the company and based on that find a suitable way to deal with the situation. The different drivers that are being used by the company are development and stakeholders drivers.
ManagersManagers need to take care of the performance that is being done in the company. Through which maintains of the procedures need to be implemented. The designation of the managers are MBA (Masters in Business Administration)
OwnersNeeds to direct plan and implement it into the company
External Stakeholders
SuppliersSuppliers would need to take control of the services and supply the services as per the requirements of the customers and company. 
GovernmentThe government gives attention to the quality of the services and tax portions
CustomersCustomers would look into the performances factor of the company and on the basis of that preferences of the customers will increase. It would need to be the duty of the company to establish necessary working procedures that will help in the increase of the customer base. In the future generation the preferences of the customers may increase and the works that will be performed by them will go digitally. 


Information that each person will require

As per the management structure of Fast Track courier, the following people will be performing as per their designation.


Position Description of performance
Owners
Management TeamManages the company and provides new ideas to the managers to implement it into the company. 
Director
Managing DirectorChecks the performances within the company and the factors that are affecting the performances. Responsible for the daily operation management decisions. 
Manager
Logistics ManagerTakes a look into the logistics performance of the company. The person is responsible for the scheduling of the trucks and drivers. 
Administration OfficerIt is the person who is responsible for taking a look into the performances of the employees
Human Resource OfficerIt deals with the hiring and firing of the employees
Finance ManagerLooks into the financial concern of the company
Sales managerLooks into the total sales made during the year
Staffs
Truck DriversTakes the services and deals with the delivering of the products
Accounts ClerkTakes into the bills of sales and purchasing during the year 


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Delivering to the customers




















The ways communication can be informed

The performances that are being implemented in the company would need to be communicated as per the requirements of the company. With the help of this the different communication styles that may lead the performances of the company are as follows:

  1. Informing through open meeting: it would need to be the duty of the company to effectively deal with the communication criteria as this is considered the main procedure through which information is transmitted easily (Buppert, 2014). In this case, Fast Track Courier also needs to deal with open meeting procedures that may lead up the performances of the company in an efficient manner.  It would need to be the duty of the manager to ask the managing director before conducting a meeting. This may need to be done almost 2 weeks before. Agenda of the meetings would also need to be made along with informing the other staffs of the company. This will provide efficiency for the company to perform effectively and as per the requirement
  2. Creating an effective atmosphere: Creating an effective atmosphere that may lead up the communication process to be done as per the needs (McKenzie, 2017). This may require various working procedures through which all the working procedures need to be taken into consideration and worked out as per the needs of the team members (Ward, 2016)This can be done through conducting the performances and take the works by taking meeting atmosphere to the managing director. This will. Provide the company with the different procedures and work as per the requirement. 
  3. Communicating through visual presentation: Visual presentation leads up the performance of the company to be done as per the requirements. It also leads up the works of the company as per the needs of the customers (Bourne, 2016). In this consideration, it would need to be the duty of the employees to effectively bring out different procedures that will provide the company with the effectiveness required. Key stakeholders must need to provide the company with the process that will help the works of the company to be recognized in the market. In this context it would need to be the duty of the company to effectively take necessary steps and perform as per the requirement.  

The different ways to ensure the understanding of their roles in implementing the business plan

The different stakeholders of the company are:


Position Description of performance
Owners
Management TeamManages the team and looks into conducts of the employees. Managers would need to acquire different procedures and perform effective decisions to apply it on the performances of the company. 
Director
Managing DirectorManages the team and implements the ideas and strategies. Discusses the strategies that will be necessary for the company to perform and control the processes as per the requirement. 
Manager
Logistics ManagerConcerns about the logistics criteria
Administration OfficerChecks the performances of the employees
Human Resource OfficerHiring and Firing of the employees
Finance ManagerFinancial information of the company
Sales managerLooks into the sales position of the company
Staffs
Truck DriversDelivers the services to the customers
Accounts ClerkLooks into the bills that are considered by the company




Part B Review of the completed business plan and Analyzing the strengths and weakness of the plan

Compare and contrast with textbook structure and layout


Textbook structureLayout Comparison 
Executive summarySummaryIn this portion an effective illustration of the study would need to be done
Company’s structureDescription of the businessThis would need to be a per the requirement of the company and on the virtue of which customers would be able to perform effectively Tarhini&Tarhini, 2015)
ServicesBusiness product and servicesThe different services that the company provides will be elaborated in this part
Competitive comparison Market activityMarket activity and competitive comparison would need to be done and taken into consideration
Market analysis summaryBusiness operationsBusiness operations need to be done as per the requirements
Pricing strategyManagement and organizational structurePricing strategy and management structure of the company would need to be taken into consideration (Frøenet al.2016)
Review of the business planProposal and risksReviewing the business plan and the proposed risks in that business


Comment on the quality and relevance of information

Quality Company deals with the local market and the different ways to provide training to the market and networking. The main objectives of the company are to generate profit and grow in challenging circumstances. The key to success of the company is that it generates responsive and quality services to its customers.The qualities of the information that are being provided by the company are exploring the opportunities to extend in the scope to maximize the business opportunities and meet the needs of the customers. 


Comment on quality of information

The company deals with three different classes of competition in training and development in the service area like the:

  1. In-house training development
  2. Public training providers
  3. Private registered training organizations

The company would need o take consideration as per the competitions under training and development of the services that is needed to training and development of the performances. In this competitive market it would need to be the duty of the company to take necessary adjustments to control the performances of the company and the wants of the customers. 

Comment on the quantity of information

The main working procedures of the company are to provide a written guide to the training and develop the management system of the company.  This will include the owners who will represent the State Training Authority (Hopkin, 2017). The scope of the company is to provide detailed information about the current plan for the year and also for the following two years as well. Checks the performances within the company and the factors, that are affecting the performances and responsible for the daily operation management decisions.  

The different performances measures

The different performance measures that the company needs to take into consideration are as follows:

  1. Consulting with the number of trainees registered, courses scheduled and client inquiries. This will help the company to take control of the processes and take necessary pattern to perform (Peltier, 2016).
  2. Projection on the expenses and the income that needs to be earned in the following years. Projection of the expenses will help the company to take control of the processes and deal with the performances as per the requirement. 
  3. Adjustment of the budget required

Understanding the documents provided

The documents that have been provided in the above business plan helps in understanding the different procedures that help in evolving the performances of the company in an efficient manner. The company effectively deals with its performances and performs a budgetary evaluation of the future profits. 

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