MAC_BSBMGT617 Template Business Plan revised

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Karachi School for Business & Leadership *

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MISC

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Business

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Nov 24, 2024

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Template: Business Plan (Revised) (Word-limit: 1200-1500 words) Section 1: Description of the business Online Media Solutions, Pty. Ltd is a Melbourne-based web solutions provider specializing in comprehensive web design and development services. Our mission is to simplify and enhance the online presence of small businesses, making a positive impact on their growth. Our service offerings include interface design, website development, hosting, video editing, blog development, SEO, and e-commerce solutions. Section 2: Mission, vision, values and objectives of the business plan Mission: To provide unparalleled web design and development services, empowering small businesses to thrive in the digital landscape. Vision: To be the go-to web solutions provider, known for simplicity, effectiveness, and significant positive outcomes for our clients. Values: Quality, Integrity, Reliability, Innovation, and Respect. Objectives:  Generate revenues of $800,000 in the first year.  Attain a net profit of 18% in the first year and 30% in the second year.  Achieve a 60% gross margin by the end of the first year. Section 3: Products and services Services:  Interface and Web Design  Graphics Design  Website Development  Domain and Web Hosting  Video Editing  Blog Development  Search Engine Optimization  E-commerce Solutions Products:  Web Templates  CMS Templates  Graphic Templates (Brochures, Flyers, Business Cards)  Logo Templates Section 4: Legislative and regulatory requirements Licence and Permit Requirements: Adherence to local licensing regulations. Legal Requirements for Selling Products and Services: Compliance with Australian Macallan College is a trading name of Macallan College Pty Ltd . RTO No.: 41030 | ABN: 36 165 356 141 | CRICOS 03468F Approved by: Compliance and Quality Department Version 1 Review Date: 01/06/2022 All printed copies of this document are considered ‘Uncontrolled Copies’. Printed copies are only valid for the day printed. Page 1 of 5

consumer protection and online business laws. Regulatory Requirements: Strict adherence to data protection and privacy laws. Section 5: Marketing strategy Target Market: Focus on small businesses and institutions in Melbourne seeking enhanced web presence and tailored solutions. Market Analysis: In-depth research to understand market preferences and demands. Marketing Strategy and Activities:  Online campaigns for brand visibility.  Social media engagement.  Collaborations with local business associations. Section 6: Financial, human and physical resource requirements Financial requirements Initial investment of $371,000, sourced as 20% owner's capital and 80% through loans. Projected profit and loss statement Year Income Expenses Profit/loss Year 1 $800,000 $640,000 $160,000 Year 2 $1,200,000 $960,000 $240,000 Year 3 $1,500,000 $1,020,000 $480,000 Human resource requirements  WordPress Developer (Full-time)  SEO Analyst (Part-time)  Customer Service Representatives (Part-time) Physical resource requirements  Office space  Computer hardware and software  Furniture and fixtures  Stationery and brochures Macallan College is a trading name of Macallan College Pty Ltd . RTO No.: 41030 | ABN: 36 165 356 141 | CRICOS 03468F Approved by: Compliance and Quality Department Version 1 Review Date: 01/06/2022 All printed copies of this document are considered ‘Uncontrolled Copies’. Printed copies are only valid for the day printed. Page 2 of 5

 Website development tools  Legal support  Marketing budget Section 7: Competitor analysis Three (3) competitors  Tech Savvy Web Solutions  Digital Craft Studios  Web Pulse Technologies Competitor advantage Offering cost-effective services tailored to small businesses, coupled with a comprehensive product suite. Section 8: Financial indicators to assess business performance Revenue Growth:  Monitor the percentage increase in revenue quarterly and annually.  Target: Achieve a 20% increase in revenue annually. Gross Margin:  Evaluate the profitability of core business activities, focusing on services and product offerings.  Target: Maintain a gross margin of 60% by the end of the first year. Net Profit Margin:  Measure the overall profitability after deducting all expenses, including salaries, operating costs, and marketing.  Target: Attain a net profit margin of 18% in the first year and 30% in the second year. Return on Investment (ROI):  Assess the return generated from various investments, including marketing campaigns and technological enhancements.  Target: Achieve a minimum ROI of 15% on all investments. Cash Flow:  Ensure positive cash flow for financial stability by managing receivables and payables effectively.  Target: Maintain a positive cash flow to cover operating expenses and investments. Section 9: Productivity and performance targets Macallan College is a trading name of Macallan College Pty Ltd . RTO No.: 41030 | ABN: 36 165 356 141 | CRICOS 03468F Approved by: Compliance and Quality Department Version 1 Review Date: 01/06/2022 All printed copies of this document are considered ‘Uncontrolled Copies’. Printed copies are only valid for the day printed. Page 3 of 5

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 Project Turnaround Time: Complete web development projects within agreed timelines.  Client Satisfaction: Achieve a minimum 90% client satisfaction rate.  Sales Growth: Aim for a 20% increase in sales annually.  Employee Productivity: Maintain an average of 85% work efficiency.  Market Share: o Secure a 8% market share in the local web solutions industry by offering unique and cost-effective services. o Target: Gradually increase market share, starting with 8% in the first year and expanding further in subsequent years. Section 10: Performance Management and Training Quality Management Strategy: To address the identified issues with graphic template quality, a formal quality management system will be implemented. This includes: 1. Quality Checks: Introduce a systematic process of quality checks for all design projects before client delivery. 2. Quality Assurance Team: Establish a dedicated quality assurance team responsible for reviewing and approving all design work. 3. Training Programs: Implement ongoing training programs for designers to enhance their skills and stay updated with industry trends. Budget Revision : To accommodate quality management and training initiatives, the budget will be revised to include a 10% allocation for operating expenses. This will cover: 1. Quality Management Expenses:  Hiring additional staff for quality assurance.  Investing in quality assurance tools and software. 2. Training Expenses:  Conducting regular training sessions for all team members.  Enrolling team members in relevant courses and workshops. Macallan College is a trading name of Macallan College Pty Ltd . RTO No.: 41030 | ABN: 36 165 356 141 | CRICOS 03468F Approved by: Compliance and Quality Department Version 1 Review Date: 01/06/2022 All printed copies of this document are considered ‘Uncontrolled Copies’. Printed copies are only valid for the day printed. Page 4 of 5

Section 10: Sign-of Relevant authority: John smith (operations manager) Signature: J.smith Date: 20-11-23 Macallan College is a trading name of Macallan College Pty Ltd . RTO No.: 41030 | ABN: 36 165 356 141 | CRICOS 03468F Approved by: Compliance and Quality Department Version 1 Review Date: 01/06/2022 All printed copies of this document are considered ‘Uncontrolled Copies’. Printed copies are only valid for the day printed. Page 5 of 5

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