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BLD505 Strategic Business Planning
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BLD505 Strategic Business Planning
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Course Code: BLD505
University: University Of Tasmania
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Question:
Critically evaluate existing business practices in the local, regional or global context. Subject content should also cover operations, management processes, business ethics and the role of business in society
The scenario
You and your team are feeling more confident by the day about investing further in your business.
You have decided to put more of your time into it and beefup your business plan a little further to make it professional and attract investors from international markets.
Expand your report by preparing a professional business proposal, covering the following in 1500 words.
1. Consider these factors as they relate to the international arm of your business: (Address the R&D involved in your business and address the three different phases of planning your production overseas)
How your product will be shipped to overseas customers and the price of that shipping.
How Australian GST laws will affect overseas prices
How laws in other countries or international agreements might have a major impact on your business. This may not be too relevant to your product, but if, for example, your product is a military one or one that disrupts the environment, you should discuss the laws that might impinge on your business.
2. Explain the purpose a “Freight Forwarder” typically serves and explain how a Freight Forwarder could help in your business.
3. Explain how you could set up an international marketing campaign with both Google and Facebook. That is, provide a broad outline of the most useful marketing strategies you could take advantage of and provide an indication of possible costs.
4. Explain how you and your business team would approach managing your financial commitments and keeping financial records. In particular:
would you do it yourself or hire someone to manage it for you? If you would hire, when would you do so and how much would it likely cost in the first year. If you would do it yourself, explain the legal obligations that the government imposes on businesses in order to fulfil their taxation obligations.
what the most important documents you would need to keep
5. Identify what is meant by risk and reward in the international space and define economics with types of economic systems likely to be encountered internationally for your business.
Answer:
Introduction
The business overview
The floristry business is one industry that has a long life expectancy since flowers are perpetually connected with companions, family and friends and family and appreciate enormous request from a wide client base. Flower specialists buckle down and confront intense rivalry where in the industry it looks genuinely basic yet in the background there are some exceptionally advanced tasks, (Krsti?, Skorup & Lap?evi? 2016). Keeping in mind the end goal and to prevail in the realm of floristry business need and incredible individual choices since flowers are related with an extensive variety of feelings: – a client could be respecting a cherished person while another might be buying the flowers for his/her big day like a wedding day. An important pattern to note in the business is that purchasers are progressively requesting flowers online as opposed to going to the flower vendor stores or flower stalls so this business needs to have an online portal. This enterprise business will seek to provide flowers in any sector of that they will be demanded. The initial steering move will be determined by the current trends implementation in the floristry industry, (Larsen 2011). The floristry business will endeavor to provide the flower product at an affordable cheap price and at the same time uphold excellent quality standards. The floristry business will be the cornerstone of success in the society as it will be investing back resources to the society through employment, developing of roads and social amenities like hospitals.
International shipping is a key part of building a global business. Trading internationally is a wonderful way to expand the borders of your online business, but how do you stop international shipping from breaking the bank. Starting to sell internationally is a great way to grow your business and increase sales. Blindly pricing your international shipping options for your customers is a sure way to lose money, (Larsen 2011). Currently the shipping cost by UPS is that for every 200 lbs. bags from Australia to overseas is $133.00 and for each additional same weight shipped at the same time is $25.00 per 50lb bag. When the business will be shipping the flower product, there are some factors it shall consider so as to know how the products will be shipped to overseas.
Research on available options.
There are a lot of different ways a business can send its products overseas, including a number of different carriers companies. When a business opt to ship lot of things, it may end up being cheaper than shipping and warehousing its products yourself for international orders.
Finding our strengths
Overseas clients will be expecting to pay more in shipping, which does not mean that the business shall not be offering the best deals,(Maitland 2012). The business management shall look into its domestic order and calculate it out with a rate calculation to the different countries for which it shall be delivering to. This will give out a good idea as to where theshipping cost will usually be ranging, and this will form a criteria on how the business shall rangeits shipping costs to clients.
Deciding whether it will be the client or the business to pay for the export taxes and fees. When shipping products overseas, there are export taxes and fees related with the shipment. The business shall be deciding upon whether to pay for the taxes or to leave the fees and taxes to our clients, (Laurier 2010).
Australian GST laws
On 1st July 2000, GST laws were presented and since then, any Australian vendors has been charging his/her clients a 10% tax on goods and services that are offered. There before, GST tax was paid to products that were shipped into Australia land which were worth over AUD$1000. But starting 1st July 2018, GST has been taxing even products less AUD$1000. This means the business will have to absorb this 10% charge and also weigh our income profit and decide whether it shall increase the shipping cost with 10%. If by any chance it will not affect the profit, it shall not escalate its overseas price.
International laws
International government laws and treaties affects overseas business on a large extent since these laws are the one which guide the running of the businesses. Political stability will always matter as it creates business friendly decisions that foresee foreign investors who want to work with local businessmen, (Kuckertz & Wagner 2010). Licenses and business permits to conduct oversee transactions depend on international governments which sometimes may hinder ineffective businesses. Flowers is a commodity which is not hindered by a lot of international laws hence flower business is a well-chosen idea.
Freight Forwarder
Freight Forwarder is also known as a forwarding agent. This is somebody or a business corporation that organizes and manages shipments for group businesses, individuals or corporations to get products from the manufacturer to a market or from a contractor company to a client in oversees. Freight forwarding services are very essential to business merchants conducting their services oversee as most of them require efficient and cost effective transportation of their commodities due many of them lack private shipping arrangements. Due to the fact that the business don’t have private shipping arrangements, freight forwarding services will be a boost to its overseas business transactions.
Marketing through Google and Facebook
Marketing a business` product by creating an awareness through online marketing strategies makes its gain more popularity as nowadays almost each and every person in the society owns a device connecting to the internet. Advertising through Google AdWords is an effective way the business hall embrace to campaign for our product. According to Google analytics, Google AdWords have the best tool to lead clients to your business. The business shall embrace its marketing strategy since it is a flexible platform for marketing, it allows businesses to attract a high return of each investment and businesses are able to know their market well due Google data analytics. Facebook is also another online platform which also promises a lot when a business advertise with it. The business shall sell its goals through the Facebook platform through Ads and aiming more demography awareness on the brand, (Peterson, Jaret & Schenck 2016).
Managing financial commitments and records
All commercial business are required by the Australian law to keep the legal documents and records associated to how the business is running, (Sabir et al 2012). The business owners will need to create and store a range of business records since it needs to have people with bookkeeping background, which some of them shall include: – employee records, financial records, legal records and procedure & policy records These will be very important as it will assist in demonstrating the business’s financial situation to suppliers, lenders and eventually our investors. The Australian taxation law imposes legal obligations every business should adhere in order to fulfill their tax obligations. The Australian taxation office requires activity statements and payment summary, dividends among other documents so that any business can file its tax obligations.
International Risks and Rewards
Conducting business internationally poses more risks but also poses more rewards. Investing internationally has many risks which can make your business disappoint you. Political risks posed by countries who are new to capitalism need to be measured when investing in oversees. Currency risk and liquidity risk where some countries experience troubles over their currencies due to things like debts and capital exchange, (Zikmund et al 2013). Also on the rewarding side of wanting to invest overseas, it lets the business capture investment opportunities that come up with fast growing economies like for example those competing against the dollar. Also it helps to spread the business risk by diversifying many security exchange and performance.
Economic systems
Economics deals with the production and distribution of products and services, (Wakker 2013). There exists different economic systems when conducting business internationally. When a business spreads its wings overseas, some of the economic systems it’s likely to encounter is capitalist system which is the dominant system almost everywhere in the world, also another system which is the dominance is communist system which the involved state takes all economic processes itself. Socialist and mixed economic systems, planned economy and centrally planned economic systems are amongst other systems that a business will encounter.
Part I
The objectives of the business shall be
To fulfill the customers’ expectations through excellent product provision.
To maximize business profits through excellent product provision
To make sure the floristry business is up-to standards and iscomplying with today’s trend in the industry sector
The targeted market
The business shall get in the market with a clear oriented mind that every organization, individuals, families will need to do functions and other activities that will need flowers. Most people whether on unofficial base on official base yearn for flowers, (Jones & Penaluna 2013). The business will comes with well bouquet flowers that will please clients with different taste of flowers. The target market include married individuals, home owners, car and luxury items possessors, executive offices, in weddings and more other more.
Part II
Marketing and Sales Strategy
The business will have a team that will embark on the market survey to help in more penetration in the target markets and make the business become the preferred company to order flowers for corporate groups, dwellers, and individuals, (Karlsson 2005). Before starting any business, a comprehensive data is very important since it enable the company to design and venture on how to get new customers and clients. The business shall hire experts in the industry and who will assist in laying good and effective markets tactics that will help to oversee the company meet the goal and objectives, (Weske 2012). The business will try to empower the marketing and the sales team so as it will extent the product services both nationally and internationally. Some of the activities that the business will try to use as the marketing tool include; opening of our branches even in the oversea countries, and also giving sometimes giving out appraisals to the clients. Also without failure we shall print out business cards and business fliers and then diplomatically giving them at various facilities. There are such huge numbers of purposes behind beginning a business or extending a business to universal levels as these are the principal turning point when beginning or growing an effective business. Beginning or extending a business is a major open door for anybody or a gathering to take. At the point when a gathering extends or starts its own business or a task, it has the opportunity to procure a limitless wage in light of your own undertakings and the accomplishment or disillusionment of the endeavor. This differences from being utilized in an association where your wage may be limited by a compensation structure or the appraisal of your execution by your directors. The point of this business look into proposition, is to characterize and address the innovative work engaged with a business and furthermore it address the diverse periods of anticipating how to direct a creation arrangement in the abroad. It will look on the best way to actualize the bloom business in a national situation and also delivering the item abroad as well.
A strategy for expanding the business.
A successful and well prospered floristry business is determined by how many clients and buyers it will have acquired. The more the customers, the more the business will be a success. Furthermore change is inevitable and hence the business will be required to keep on having changes on the investment strategies, and more to check on the competence capability of the employees since if it does not its survival chances will be minimal, (Collins & Low 2010). For startups business there is a very important objective that it should survive off its cash flow without it sourcing debt money from outside lenders or sources. The business will have to charge minimal charges to its clients so that it can win more customers and also acquire business approvals by many, (Cavico & Mujtaba 2008). The company philosophy will be well structured to push the enterprise to a very successful level and due to this goal the employees the business will hire will be required to be trained very well. Profit sharing arrangements will be drafted as soon as the business start running and the management will decide on how much percentage it will plough back to the business. If this business plan will come to maturity, the business will be required to employ and maintain the employees effectively. Due all this strategies, the business will have a very well laid expanding approach.
Conclusion
To conclude with, drafting a valuable and a successful business plan is a tough assignment which undertakes enormous knowledge in various industry sectors. Nevertheless, it does not stop or depend on the business vendors` experience, understanding or training background. In order for a business company to succeed, the business owners should ensure all the necessities function and furthermore they should be hardworking, committed and self-motivated since these are the influencing features of quality product and service delivery. Keeping in mind the end goal and to prevail in the realm of floristry business need and incredible individual choices since flowers are related with an extensive variety of feelings: – a client could be respecting a cherished person while another might be buying the flowers for his/her big day like a wedding day. An important pattern to note in the business is that purchasers are progressively requesting flowers online as opposed to going to the flower vendor stores or flower stalls so this business needs to have an online portal. This enterprise business will seek to provide flowers in any sector of that they will be demanded. The initial steering move will be determined by the current trends implementation in the floristry industry. But all-in-all, we anticipate that this strategic business plan report will inspire and attract many investors and also assist in running a floristry business company and finally it will inspire those with curiosity and dreams of wanting to know the what it partakes to run a business.
References
Collins, J. and Low, A., 2010. Asian female immigrant entrepreneurs in small and medium-sized businesses in Australia. Entrepreneurship and Regional Development, 22(1), pp.97-111.
Cavico, F.J. and Mujtaba, B.G., 2008. Business ethics: the moral foundation for effective leadership, management, and entrepreneurship. Pearson Learning Solutions.
Jones, C. and Penaluna, A., 2013. Moving beyond the business plan in enterprise education. Education+ Training, 55(8/9), pp.804-814.
Karlsson, T., 2005. Business plans in new ventures: An institutional perspective (Doctoral dissertation, Jönköping International Business School).
Krsti?, M., Skorup, A. and Lap?evi?, G., 2016. Trends in development of innovative business models. Trendovi u poslovanju, 4(2), pp.43-53.
Kuckertz, A. and Wagner, M., 2010. The influence of sustainability orientation on entrepreneurial intentions—Investigating the role of business experience. Journal of Business Venturing, 25(5), pp.524-539.
Laurier, W., 2010. The resource-event-agent ontology as a foundation for business modeling (Doctoral dissertation, Ghent University).
Larsen, E., 2011. The masculine foundation of business education: France and Norway in comparison (1870s-1940s). Entreprises et histoire, (4), pp.24-42.
Maitland, I., 2012. Business Plans in a Week: Write a Business Plan in Seven Simple Steps. Hachette UK.
Peterson, S.D., Jaret, P.E. and Schenck, B.F., 2016. Business plans kit for dummies. John Wiley & Sons.
Sabir, M.S., Hameed, R.M., Rehman, K.U. and Rehman, I.U., 2012. Theoretical Foundation of Business Model and Their Building Blocks. Journal of Management Research, 4(4), pp.160-179.
Weske, M., 2012. Business process management architectures. In Business Process Management (pp. 333-371). Springer, Berlin, Heidelberg.
Wakker, P.P., 2013. Additive representations of preferences: A new foundation of decision analysis (Vol. 4). Springer Science & Business Media.
Zikmund, W.G., Babin, B.J., Carr, J.C. and Griffin, M., 2013. Business research methods. Cengage Learning.
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