BSBMGT517 Manage Operational Plan Assessment Answer

The Operational Plan Signifies

the targets and activities that the company will carry out to work towards accomplishing the aims and objectives set out in the strategic plan. It offers the framework for the daily operations of the company (Ibrahim & Daniel, 2019). It offers a complete picture to the workforce regarding their responsibilities and tasks in line with the objectives of the firm. The major elements included in the operational plan are –

• Clearly defined objectives of the plan – Avoid framing goals that do not support the strategy.
• Setting up clear answerability and timeframes – Specify who is answerable for each goal and the deadline.
• Anticipated influence on financial performance – Estimate expected changes to expenses or revenue in relation to each objective and their impact on financials.
• Prepare budget and regular track of progress – Constantly keep the strategic priorities and related goals front and centre.

Steps in the Budgeting Process

• Examine the costs – Review the running cost of the company before preparing the budget. Fixed, variable and unexpected costs must be considered in the budget.
• List the sources of income – List out the major products, their prices and the expected volumes for each product in the coming year.
• Compute fixed costs – Fixed costs are ones over which an organization has little control like employee salaries, rent, interest on loans, insurance, etc. (Kabeyi, 2019)
• Add variable costs – Variable costs are normally regarded as discretionary expenses. These may include team perks, advertising and marketing, office décor and renovations, etc.
• Project additional spending – Make efforts to set irregular expenses separately in the budget. These are initial costs like equipment, office relocation, software, furniture and additional launch and research costs.
• Work out costs with suppliers – Before preparing a budget, talk to the supplier and observe if one can get cheaper rates on products, materials or services one requires.
• Estimate cash flow and revenue – The revenue figures from the past year may be used as the standard for the coming year. Cash flow is made up of two parts – consumer payments and vendor payments.

 Organizational policies are listed below -

• Code of conduct – It is the set of rules that companies expect the workforce to follow. It covers the items like company values, attendance and absence, mealtime and break policies, use of social media, employee behaviour, etc. This policy tends to establish the assumed behavioural standards for all personnel (Lombard & GibsonBrandon, 2023).
• Health and safety policy – It covers the obligations of the company under work health and safety laws. It is a substantial policy as it sets out how the employees will be or are protected. This policy may cover risk assessment, delegation of authority, equipment maintenance, accident training, employee safety training, monitoring hazards, mental and physical health information, supervision rules, etc.
• Anti-discrimination policy – It is significant to promote a healthy and positive workplace for all personnel. It may include the process of employee complaints, training and education of employees, confidentiality information, etc. (Mehta et al., 2023).
• Grievance handling policy – A grievance is a formal complaint made by personnel towards an employer. It may outline the rights of the employee and how corporations expect to respond to their grievance. It may cover the timeframe, possible outcomes, the procedure for submitting a formal grievance, etc.

The regulatory and legislative areas include planning and dealing with issues in relation to-: 

• equal opportunity for employment
• anti-discrimination
• Consumer Protection and Competition
• workplace health and safety
• environmental issues and other pertinent requirements
• Privacy and industrial relations.

Laws and regulations have been placed in a position to ensure that companies and individuals meet the minimum standard of care to make sure that their activities do not lead to any harm or loss to others. The breach of such laws may result in fines, imprisonment or both.

Consultation process

• Define problem
• Structure the problem
• Prioritize issues
• Establish issue analysis and analysis plan
• Conduct analysis
• Synthesis findings
• Develop recommendations

The business operations of the company may not just affect the traditionally recognized stakeholders like suppliers, customers, employees and shareholders but also the local and global community, which has a stake in the social and environmental impact.

With senior managers, visuals can be used to communicate the operational plan. Visuals will help in filling the communication gaps and cohesively organize thoughts. A few examples of visuals to integrate into communication with senior managers may include – Posters, flowcharts, graphs, infographics, etc. In addition, the decisions of the business require to be backed up with data and facts. Solid references and data will be used to bolster the argument.

The employees intend to absorb the information in different ways. For instance, if one uses posters to convey information and has few employees that are not visual learners. Or if one sends the email detailing the strategy in long paragraphs then employees who tend to ignore long emails, would not get affected. One must use a mix of visual, audio, video and written strategy communication to the staff so that everybody can learn regarding the plan in the manner that is best for them. One has to be creative while presenting the plan.

References

Ibrahim, A. U., & Daniel, C. O. (2019). Impact of leadership on organisational performance. International Journal of Business, Management and Social Research, 6(2), 367-374.

Kabeyi, M. (2019). Organizational strategic planning, implementation and evaluation with an analysis of challenges and benefits. International Journal of Applied Research and Studies, 5(6), 27-32.

Lombard, E., & GibsonBrandon, R. N. (2023). Do Wealth Managers understand Codes of Conduct and their ethical dilemmas? Lessons from an online survey. Journal of Business Ethics, 1-20.

Mehta, A. S., Chauhan, A. S., & Ivanovic, A. (2023). Supporting LGBTQ Employees in the Workplace: The Role of HR Policies and Practices. Reviews of Contemporary Business Analytics, 6(1), 57-71.

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