Strategic Business Plan Name: Brent Barber Business name: BT Advice Grade Grade Abbreviation Mark Range (%) Mark (%) 0 High Distinction HD 85–100 0 Distinction D 75–84 0 Credit CR 65–74 0 Pass P 50–64 0 Fail F 0–49 Assessment feedback: Note: Don’t forget to update the Table of Contents below before you submit your Strategic Business Plan. Right-click on the Table of Contents, select Update Field, select Update entire table and select OK. Important: This document should be submitted in Microsoft Word format, and not in PDF. BT Advice Strategic Business Plan Level 1, 613 Dean Street Albury NSW 2640 Prepared by: Brent Barber Table of Contents Section 1 Executive summary 4 Section 2 Aspirations 5 Section 3 Environmental analysis – External 6 Section 4 Environmental analysis – Internal 7 Section 5 Strategic commitments 8 Section 6 The business cases 9 Section 7 Organisational structure 17 Section 8 HR strategy 18 Section 9 Dashboard 19 Appendix 1: SWOT Analysis 20 Appendix 2: Strategic Element 4.1 21 Appendix 3: Strategic Element 4.2 22 Appendix 4: Strategic Element 4.3 23 Appendix 5: Strategic Element 4.4 24 Appendix 6: Strategic Element 5.1 25 Appendix 7: Strategic Element 5.2 26 Appendix 8: Strategic Element 6.1 27 Section 1 Executive summary You will write this last. This is where you will introduce your advice practice — as it is now — the plans you have for it, and how and when you plan to achieve those goals. The executive summary is where you ‘sell’ your ideas for your business: you want it to create excitement and engender commitment. Word limit: 500 words Delete these instructions before you submit your final plan for assessment. Section 2 Aspirations Mission: To build strong relationships and provide guidance for your financial journey, through innovation and quality ethical advice. Vision: To be a leading financial advice company by learning and growing together, creating an excellent client experience and focused on placing people first. Core values: Integrity: • We are committed to treating all clients & staff with respect and dignity. • We will encourage and embrace diversity and new ideas. • Communication will be open and honest. • High professional standards at all times. Quality: • We will place our staff and clients first above all else. • We will provide quality advice that is easy to understand. • We will deliver an excellent client experience. Transparency: • We always ensure our clients are aware of fees and agreements of advice that will be provided. Confidentiality: • We are aware of the sensitive and detailed information we collect and ensure our clients right to privacy is achieved. Section 3 Environmental analysis — External To complete this Section you will need to have completed the work in the following Strategic Elements: Go to Strategic Element 5.3 – Final SWOT Analysis Go to Strategic Element 4.1 – Your PESTEL analysis Go to Strategic Element 4.2 – Analysing opportunities and threats based on your PESTEL analysis Go to Strategic Element 4.3 – Analysing the competitive position of your advice business using Porters Five Forces model Go to Strategic Element 4.4 Analysing opportunities and threats based on your analysis of the Five Forces Go to Strategic Element 5.1 – The strengths in your advice business Go to Strategic Element 5.2 – The weaknesses in your current advice business Go to Strategic Element 6.1 – Drafting your key objectives and rationales Based on that work, write a concise paragraph detailing your analysis of the operating environment for your business, focussing on the opportunities and threats for your advice practice. Word limit: 500 words Delete these instructions before you submit your final plan for assessment. After analysising the operating environment of the business there was a number of external threats and opportunities identified externally. The macro-environment threats identified are; • Political - stability of government, tax policies, superannuation legislation, and social policies e.g. Centrelink. • Economic – increase in mortgage interest rates, household debt levels and access to credit. • Social – aging population, changes in lifetsyle with younger generation being more focused on living for today, older generation starting to distribute wealth prior to death. • Technological – new technological platforms allowing people to DIY advice and investments, new discoveries and innovation by completitors. • Environment – clients being more aware of any companies not doing the right thing from an environmental aspect and may request funds being invested in more ethical manner or dealing with a company that is trying to limit environment footprint. Section 4 Environmental analysis — Internal To complete this Section you will need to have completed the work in the following Strategic Elements: Go to Strategic Element 5.3 – Final SWOT Analysis Go to Strategic Element 4.1 – Your PESTEL analysis Go to Strategic Element 4.2 – Analysing opportunities and threats based on your PESTEL analysis Go to Strategic Element 4.3 – Analysing the competitive position of your advice business using Porters Five Forces model Go to Strategic Element 4.4 Analysing opportunities and threats based on your analysis of the Five Forces Go to Strategic Element 5.1 – The strengths in your advice business Go to Strategic Element 5.2 – The weaknesses in your current advice business Go to Strategic Element 6.1 – Drafting your key objectives and rationales Based on that work, write a concise paragraph detailing the current position of your business, focussing on the current strengths and weaknesses, including a summary of your core competencies. Word limit: 500 words Delete these instructions before you submit your final plan for assessment. There is currently many strengths within my business that include having the knowledge and know how to provide a quality advice experience for clients and the technical expertise to provide best possible stratgic advice. This ranges from people having direct contact with clients to the support staff behind the scenes assisting in any area of financial planning advice that the client may require. With the complex nature of certain areas of the advice process this is a great advantage within my business. Being in a large organisation this provides opportunuity to have many resources on hand including wide range of expertise within the business and technological support with large budget allocated towards developing in this area. My business is able to leverage from a trusted brand in the financial planning industry and access leads and opportunities from a large client base both within retail and business banking sectors. We have access to crucial financial data regarding both existing and potential wealth clients. Section 5 Strategic commitments You drafted these as your key objectives in Topic 6 Strategic Element 6.1, copy them into this section and spend time in Weeks 11 and 12 refining them to ensure your narrative is still on track. Delete these instructions before you submit your final plan for assessment. Commitment 1: Commitment 2: Commitment 3: Commitment 4: Section 6 The business cases You drafted these objectives in Topic 6 Strategic Element 6.1. For each objective prepare a business case, using the template provided. Delete these instructions before you submit your final plan for assessment. Objective 1 Project Owner Proposed strategy Detail the strategy you will use to reach this objective, and provide a rationale of why you are adopting this way forward, and not any of the others you considered. Use the work you did in Topic 6 to inform your response. Delete these instructions before you submit your final plan for assessment. List at least three other options considered: Option 1: Option 2: Option 3: Implementation plan Task Cost/revenue To be done by whom To be completed by when Financial analysis Worst Likely Best Revenue retention Revenue creation Total revenue Project costs Operational costs (resources) Total costs Net contributor/ detractor to profit Assumptions In this section document the assumptions that were made when determining the costs above. This section should include as to how the worst, likely and best cases were arrived at, including identifying any dependencies. Delete these instructions before you submit your final plan for assessment. Objective 2 Proposed strategy Detail the strategy you will use to reach this objective, and provide a rationale of why you are adopting this way forward, and not any of the others you considered. Use the work you did in Topic 6 to inform your response. Delete these instructions before you submit your final plan for assessment. List at least three other options considered: Option 1: Option 2: Option 3: Implementation plan Task Cost/revenue To be done by whom To be completed by when Financial analysis Worst Likely Best Revenue retention Revenue creation Total revenue Project costs Operational costs (resources) Total costs Net contributor/ detractor to profit Assumptions In this section document the assumptions that were made when determining the costs above. This section should include as to how the worst, likely and best cases were arrived at, including identifying any dependencies. Delete these instructions before you submit your final plan for assessment. Objective 3 Proposed strategy Detail the strategy you will use to reach this objective, and provide a rationale of why you are adopting this way forward, and not any of the others you considered. Use the work you did in Topic 6 to inform your response. Delete these instructions before you submit your final plan for assessment. List at least three other options considered: Option 1: Option 2: Option 3: Implementation plan Task Cost/revenue To be done by whom To be completed by when Financial analysis Worst Likely Best Revenue retention Revenue creation Total revenue Project costs Operational costs (resources) Total costs Net contributor/ detractor to profit Assumptions In this section document the assumptions that were made when determining the costs above. This section should include as to how the worst, likely and best cases were arrived at, including identifying any dependencies. Delete these instructions before you submit your final plan for assessment. Objective 4 Proposed strategy Detail the strategy you will use to reach this objective, and provide a rationale of why you are adopting this way forward, and not any of the others you considered. Use the work you did in Topic 6 to inform your response. Delete these instructions before you submit your final plan for assessment. List at least three other options considered: Option 1: Option 2: Option 3: Implementation plan Task Cost/revenue To be done by whom To be completed by when Financial analysis Worst Likely Best Revenue retention Revenue creation Total revenue Project costs Operational costs (resources) Total costs Net contributor/ detractor to profit Assumptions In this section document the assumptions that were made when determining the costs above. This section should include as to how the worst, likely and best cases were arrived at, including identifying any dependencies. Delete these instructions before you submit your final plan for assessment. Section 7 Organisational structure Insert your design here from Topic 7 Strategic Element 7.1 for the organisational structure of your ‘future intent’ advice practice. Delete these instructions before you submit your final plan for assessment. Section 8 HR strategy Insert here the work you did in Topic 8 on your HR strategy. This strategy needs to focus on the work you will have to do with your people to get your business to where you want it to be. Delete these instructions before you submit your final plan for assessment. Section 9 Dashboard To create the dashboard you will use to monitor your success, you will need to complete Strategic Element 9.1 in Topic 9, and Strategic Element 10.1 in Topic 10. Insert your six part dashboard here. This dashboard is how you will monitor and track your success. For each metric, you will need to include the details about what you are measuring, how you are measuring this aspect of your business and why you are measuring it. Delete these instructions before you submit your final plan for assessment. Appendix 1: SWOT Analysis Complete your SWOT Analysis here as per the instructions in Topic 5 Strategic Element 5.3. You will only be able to do this after you have completed the Strategic Elements in Topics 4 and 5. Delete these instructions before you submit your final plan for assessment. External (both macro and micro) Internal Strengths Weaknesses Opportunities Ask yourself: What do I need to do to take advantage of this situation? Ask yourself: How can I minimise or overcome the weaknesses that could prevent me from taking advantage of the opportunities? Threats Ask yourself: How do I use my strengths to minimise the likelihood and/or impact of these threats. Ask yourself: How can I organise my business to overcome these weaknesses that pose a threat to my organisation’s success? Go to This analysis contributes to Section 3 Environmental analysis – External Go to This analysis contributes to Section 4 Environmental analysis – Internal Appendix 2: Strategic Element 4.1 Your PESTEL analysis As per the instructions in Topic 4 complete Strategic Element 4.1 below. Delete these instructions before you submit your final plan for assessment. PESTEL category Factors that your research indicates will have an impact on your industry What are the outcomes for your business? Political: What are the key political drivers of relevance? Economic: What are the important economic factors? Social: What are the main societal and cultural issues that will affect the business? Technological: What imperatives and innovations are shaping the industry? Environment: What local, regional, national and/or global considerations need to be taken into account? Legal: What legislative changes (proposed or imminent) are likely to affect the business? Go to This analysis contributes to Section 3 Environmental analysis – External Go to This analysis contributes to Section 4 Environmental analysis – Internal Appendix 3: Strategic Element 4.2 Analysing opportunities and threats based on your PESTEL analysis As per the instructions in Topic 4, Article 1, complete Strategic Element 4.2 below. Delete these instructions before you submit your final plan for assessment. External (macro) Having done your PESTEL analysis, what opportunities and threats present themselves? What are the likely impacts for your industry? Opportunities Threats Go to This analysis contributes to Section 3 Environmental analysis – External Go to This analysis contributes to Section 4 Environmental analysis – Internal Appendix 4: Strategic Element 4.3 Analysing opportunities and threats based on the Five Forces analysis As per the instructions in Topic 4 complete Strategic Element 4.3 below. Delete these instructions before you submit your final plan for assessment. The Force Factors that your research indicates will have an impact on your business: What are the outcomes for your business? Existing competitive rivalry: How fiercely do financial advice businesses compete with one another? Threat of new market entrants: What is the likelihood of new financial advice businesses entering the market? Bargaining power of buyers: How has the modern environment impacted on the power of clients to choose their financial advice provider? Power of suppliers: How powerful are the suppliers to a financial advice business? Threat of substitute products (including technology change): How easily can the advice you offer be replaced by a substitute or alternate advice delivery method? Go to This analysis contributes to Section 3 Environmental analysis – External Go to This analysis contributes to Section 4 Environmental analysis – Internal Appendix 5: Strategic Element 4.4 Analysing opportunities and threats based on your analysis of the Five Forces As per the instructions in Topic 4 complete Strategic Element 4.4 below. Delete these instructions before you submit your final plan for assessment. External (macro) What threats and/or opportunities present themselves? What are the likely impacts on your advice practice? Opportunities Threats Go to This analysis contributes to Section 3 Environmental analysis – External Go to This analysis contributes to Section 4 Environmental analysis – Internal Appendix 6: Strategic Element 5.1 The strengths in your advice business As per the instructions in Topic 5 complete Strategic Element 5.1 below. Delete these instructions before you submit your final plan for assessment. External (macro) Strengths Go to This analysis contributes to Section 3 Environmental analysis – External Go to This analysis contributes to Section 4 Environmental analysis – Internal Appendix 7: Strategic Element 5.2 The weaknesses in your current advice business As per the instructions in Topic 5 complete Strategic Element 5.2 below. Delete these instructions before you submit your final plan for assessment. Internal Weaknesses Go to This analysis contributes to Section 3 Environmental analysis – External Go to This analysis contributes to Section 4 Environmental analysis – Internal Appendix 8: Strategic Element 6.1 Drafting your key objectives and rationales As per the instructions in Topic 6 complete Strategic Element 6.1 below. Delete these instructions before you submit your final plan for assessment. Objective Rationale 1 2 3 4 Go to This analysis contributes to Section 3 Environmental analysis – External Go to This analysis contributes to Section 4 Environmental analysis – Internal