SOCE311 - Establish and Manage a Practice Business Plan Learning outcomes 1,2,3 DUE DATE: Sunday following Session 13 WORD LIMIT: /- 10%

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1 SUBJECT: TYPE: SOCE311 - Establish and Manage a Practice Business Plan Learning outcomes 1,2,3 DUE DATE: Sunday following Session 13 WORD LIMIT: /- 10% WEIGHT: 40% TOTAL MARKS: 80 TASK: Design a Business Plan for your Natural Medicine Practice that includes a detailed Marketing, Operations and Financial Plan. You will be expected to address any legal considerations for your business e.g. National Health Practitioners Law, Taxation law, Therapeutic Goods Administration, Privacy Law and Occupational Health and Safety law as well as provide analyses that reflect broad research in Business SWOT Analysis, marketing demographics and psychographics of your potential customers and knowledge of your competitors. Assessment Guidelines You may use a commercially available template as a guideline for layout (only). Each of the points listed below in each section must be covered. 1. Executive Summary 5 marks This should be approximately 250 words and cover all significant elements of your business. i. Purpose of your plan ii. Description of business iii. Business objectives (vision, goals, objectives) iv. Marketing opportunity / Competitive advantage v. Summary of marketing, operational and financial plan 2. Business description and legal structure - 5 marks Provide a succinct description of your business and specifics such as: i. Business and trading name ii. Business legal structure sole trader, limited liability, partnership, ABN, ACN, GST iii. Trading terms iv. Products/services v. Business premises location, size, buy/lease vi. Domain names, website vii. Licences/permits Justify reasons for your business choices eg legal structure, location, buy/lease, trading terms 3. Mission statement and business objectives - 10 marks Mission/vision statement Last updated on 21-Feb-17 Version: 4.0 Page 1 of 6

2 Short, medium and long term business aims, goals and objectives i. Provide time frames and milestones linked to financial viability and business strategy Include future staff, additional products and services and growth plans 4. Legal and regulatory requirements - 5 marks Identify a list of key legal and regulatory requirements for your business i. This should cover all aspects of your business.. Select three (3) of these requirments and discuss how your business aims to comply with each specific requirement. i. Include reference to specific legislation. 5. Business and Financial Risk Analysis - 10 marks Create a comprehensive SWOT analysis table for your business and yourself as a practitioner i. Include strategies to overcome identified threats and weaknesses. Competitor analysis i. Include details of surrounding competitors, strengths, weaknesses, pricing Develop a contingency plan addressing the following: i. In the event of sickness or accident ii. Insurance requirements including level of coverage iii. Security systems iv. Data protection v. Emergencies leading to temporary impact on cash flow vi. Financial distress 6. Marketing Plan - 10 marks Identify and justify your Target Market i. Be specific to your locality/market and must include demographic and psychographic analysis and research Research and development of your product/services i. Linked to competitor analysis ii. Describe your competitive advantage / unique selling proposition Marketing/advertising strategy and promotions i. Justify pricing and demonstrate linkage to break even analysis and financial milestones 7. Operations Plan and key business/organisational structure - 10 marks Explain and justify your operational objectives and implementation plan i. Staffing requirements and key responsibilities Include an organisational flow chart / table ii. Specialist services accounting, legal etc. iii. Hours of operations iv. Supplier arrangements and credit terms Last updated on 21-Feb-17 Version: 4.0 Page 2 of 6

3 v. Equipment requirements vi. Record keeping processes 8. Financial Plan - 10 marks Financial objectives in line with business objectives/goals Description of any sources of finance Justification of business sustainability i. Include Start up costs; Break-even Analysis; Cashflow forecast for the first 12 months, a Profit & Loss Statement reflecting the first 12 months and Financial projections for the next few years linked to long term goals. ii. Include detailed information such as cost of licences, memberships, insurances, bank loans, professional advisors, Professional Association fees, professional development etc. Discuss key aspects that come up: i. Is the business sustainable in the short and long term? Are there particular times of stress that need to be addressed? ii. Are the numbers realistic, achievable and reasonable? iii. Have you taken into account all your business risks? iv. Are there areas that you would have to reconsider following this financial analysis? 9. Policies and Procedures - 10 marks Identify a list of key Policies and Procedures that is required to run a sustainable and compliant business practice. i. This should cover all aspects of your business. Complete three (3) key policy statements and the procedures to go with these. 10. Evaluation and justification of research method and findings - 5 marks To address this section we are looking for your ability to integrate within the various sections above, the research you have conducted, statistics you have found and key justification for why you have made the decisions or choices in the various aspects of your business plan. i. For example: In your marketing strategies, explain why you have chosen particular advertising methods or have different phases / stages of implementation linked to financial milestones. ii. Justify and give supporting evidence of the effectiveness of the strategies you have chosen, your competitive advantage and the costs associated with it. Other areas where referencing and justification is required can include reference to legislation, compliance and permits see ABLIS as a resource. i. Be specific with regards to regulatory requirements (TGA, Privacy, confidentiality, taxation, workplace health and safety) Acts, legislations, sections, Code of Practices, Professional Associations. Last updated on 21-Feb-17 Version: 4.0 Page 3 of 6

4 Executive Summary Business Description & Legal structure Mission statement short, medium long term goals Legal & regulatory requirements Business and Financial anaysis Marketing Plan Operational Plan & key business/ organisational structure Financial Plan Business Plan Marking Guide Integrated Comprehensive Developed Acquiring Underdeveloped Executive summary demonstrates an exceptional integration of all key elements of the Business Plan. Exceptional structure and presentation Detailed executive summary, demonstrating clarity and comprehensive understanding of key elements. Structure and presentation good. Demonstrates a broad understanding of the Purpose of the executive summary. The executive summary is well developed and most of the key elements addressed Summary does not address all key elements and demonstrates an acquiring understanding of the purpose of the executive summary Summary was circumspect, misses key elements and demonstrates an underdeveloped understanding of the purpose of an executive summary. Demonstrates an integrated approach, reflected in clear description of business and legal structure and includes all key elements Comprehensive and clear description of business and legal structure identifying majority of key elements Detailed description of business and leagal structure. Well expressed with most key elements expressed Business description given demonstrating basic understanding of key elements acquiring understanding Undeveloped description Key elements lacking or description not included at all Exceptional Mission statement that demonstrates long term vision, attainable and precise expression of goals Mission Statement is clear, concise and demonstrates attainable goals Mission statement aims and objectives are well expressed with limited presentation of goals Mission statement needs improvement. Stated goals need further expansion. Acquiring skills in expression and presentation Undeveloped Mission statement. Vague goals that do not effectively cover substantive material Expression and presentation needs improvement Well integrated list of all legal and regulatory requirements for the business Comprehensive plan with a good demonstration of most of the legal and regulatory requirements for the business Developed plan with most key components identified. A good grasp of the legal and regulatory requirements for the business Plan addresses some but not all key elements. Acquiring skill of description of the legal and regulatory requirements for the business Little to no demonstration of understanding of the legal and regulatory requirements for the business Research, critical analysis demonstrates exceptional knowledge and understanding of the importance of SWOT. Exceptional risk analysis and contingency plan Critical analysis and understanding of SWOT in Business context is concise and comprehensive. Risk assessment and Contingency plan well done Demonstrates a coherent understanding of SWOT analysis in Business with a Risk assessment and contingency plan that addresses some but not all key elements Acquiring skills of critical analysis and an understanding of the importance of a SWOT Analysis. Key elements missing from the Risk assessment and Contingency Plan Does not demonstrate an understanding of critical analysis and the importance of SWOT analysis. Risk assessment and contingency plan undeveloped or not included Exceptional Plan demonstrating depth of market research and analysis of data. Clear, concise and informative development of plan Comprehensive plan demonstrating some in-depth analysis of market research data that is expressed well Plan well written with more detailed analysis of research required to identify and give more in depth clarity to the analysis Plan addresses some but not all of the key components necessary to demonstrate effective analysis of market research Plan does not demonstrate an understanding of key elements to be addressed in addition to applying little or no critical analysis to demographics. Exceptional plan addressing all key elements. Description of organisational features, demonstrates sound structure and presentation Clear well-structured plan where key elements were addressed and organisation features were clear and comprehensive Plan well written and addresses most key elements. Description of organisation features is well developed and concisely presented Plan addresses some but not all key elements. Acquiring skill of description of structure and organisational features. Undeveloped plan with key elements omitted or not included in plan. Description of organisational features is vague and/or limited. Integrated plan showing clear links between the different sections and including all key components asked for. These are identified accurately and with exceptional presentation Comprehensive plan demonstrates a good grasp of financial principles. Key components well-presented Developed plan with most key components identified. A good grasp of financial principles with a need to improve understanding of the links between different financial reports Plan has addressed some but not all key components. Improved understanding required of financial principles and acquiring the skills of presentation Limited or no key components and demonstrates a lack of understanding of the financial principles and links to be made between different financial reports. 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5 Policies and Procedures Evaluation and justification of Research Business Plan Marking Guide continued Well integrated list of appropriate Policies and Procedures and exceptional presentation of 3 key Policies and Procedures Broad range of policies and procedures listed with 3 well presented key policies and procedures developed Key Policies and Procedures identified with a need to broaden the list of appropriate Policies and Procedures. Well developed 3 key Policies and Procedures Range of Policies and procedures developing and acquiring the skill of describing 3 key policies and procedures Limited and/or no range of policies and procedures presented and lack of clarity and structure of 3 key policies and procedures Exceptional Evaluation of Research materials and justification for research methods and findings that demonstrates exceptional detailed knowledge and understanding of principles of research Comprehensive Evaluation of Research materials and well expressed justification for research method and findings. Demonstrates a broad knowledge and understanding of principles of research Developed evaluation of research materials and broad justification of research method and findings. Demonstrates a need to improve knowledge and understanding of principles of research Acquiring skills of evaluation of research materials with limited justification of research methods and findings. Demonstrates an acquiring understanding and knowledge of principles of research Does not demonstrate skills of evaluation of research materials and lacks knowledge and understanding of method and findings. Demonstrates a need to improve understanding and knowledge of research principles Presentation Responses should be word processed using Arial 11 point font on an A4 page. Use correct spelling, grammar and page numbers. Comply with the word limit +/- 10%. Harvard referencing should be utilised (See Endeavour Library Guide for guidelines on writing and using the Harvard Referencing System). Word Count Word count must be clearly displayed on the title page or cover sheet. Words in excess of 10% beyond the required word count will not be marked. Required word count does not include text appearing in tables, graphs, figures, footnotes, captions and references. Tables, graphs, and figures can enhance assignment presentation if used in moderation to convey directly relevant information. However, generally tables, graphs and figures should be included as Appendices at the end of your assignment with an interpretation of these in text. Tables, graphs and figures should not be used as tools to increase the amount of information that you are conveying whilst still remaining within the required word count, nor are they a substitute for your own synthesis or interpretation of the material. Thus, as a guide, tables, graphs or figures presented should not consist of more than 10% of the total assignment word count, whilst keeping in mind that any words so included are not part of the required word count. If you have questions about this, please consult with your lecturer before you complete and submit your assessment. Late Submission Assessments must be handed in by the stated time. Students submitting an assessment after the due date and without an approved extension of time will lose 10% of their mark on the assessment per day it is late. Last updated on 21-Feb-17 Version: 4.0 Page 5 of 6

6 Academic Writing and Student Integrity Writing on all assessments is expected to be of an academic standard and presentation, and all non-original work must be properly referenced. For assistance in ensuring this academic standard, please refer to the Communication Skills Handbook, 4 th edn (2014) by Summers & Smith. For assistance with proper referencing, Mendeley citation software, and plagiarism please refer to the Referencing page on the Endeavour LibGuides: A tutorial video on referencing is available here: %20tutorial%202.html Additional support can be found at the top of the LMS Main Page under the Academic Writing tab. Students are accountable to standards of professionalism and ethics throughout their course of study and therefore the College takes a strong position on academic dishonesty and plagiarism (student integrity). Please ensure that you are familiar with the Student Integrity Policy ( and that you are mindful of avoiding the use of any work that is not your own without proper attribution as well as never allowing your work to be used by another student. Last updated on 21-Feb-17 Version: 4.0 Page 6 of 6