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al vodafone AU 3G 22:26 @ 2 75%7 elearning.wic.nsw.edu.au WELLS Wic T. +61 2 9283 4388 | E. info@wic.now.edu.au Lower Ground, 101 Sussex St., Sydney NSW 2000 Australia INTERNATIONAL ABN: 19 080 559 600 | CRICOS CODE: 01856K | RTO: 90501 COLLEGE . Mary Jones (CEO) - 40 percent. Gerry Debenham (Director of Health and Wellness Programs) - 30 percent. Janet Debenham (Director of Finance & Administration) - 30 percent. 2.2 Start-up Summary Start-up will require approximately $300,000 of capital, $200,000 of which will be provided by the founders and their families. The remaining $100,000 will be sought as a bank loan. Approximately $140,000 will be allocated to leasehold improvements and $75,000 to equipment. Start-up $300,000 $270,000 $240,000 $210,000 $180,000 $150,000 $120,000 $90,000 $60,000 $30,000 Expenses Assets Investment Loans 2.3 Company Locations and Facilities Western Sydney Fitness headquarters are located in Penrith, NSW. Upon expansion, offices will be opened in different Sydney locations. 3.1 Service Description Western Sydney Fitness provides wellness strategies/programs to businesses in the Western Sydney area. A wellness strategy is a long-term effort, combining both health-promotion and exercise-related activities designed to facilitate positive lifestyle changes in members of a company's work force. 3.2 Competitive Comparison Western Sydney Fitness is not primarily a health club, as are the majority of competitors. This organisation is in the business of health care cost management. The major function is to work with client companies to implement wellness strategies. 3.3 Fulfilment All fitness machines are purchased from exercise equipment distributors, while all medical equipment is bought from a reputable supply company. BSBMGT617 Assessment 2 Performance LAST UPDATED: September 2019, Version No. 1.0 Page 3 of 8 WELLS Wic T. +61 2 9283 4388 | E. info@wic.now.edu.au Lower Ground, 101 Sussex St., Sydney NSW 2000 Australia www.wic.now.edu.au INTERNATIONAL ABN: 19 080 559 600 | CRICOS CODE: 01856K | RTO: 90501 COLLEGE Market Analysis Summary 4.1 Market Segmentation The market for corporate fitness is not particularly segmented, as potential customers include all businesses that offer their employees some type of medical benefits, are experiencing escalating health care costs, and wish to more effectively manage those costs.al vodafone AU 3G 22:26 @ 2 75% 7 elearning.wic.nsw.edu.au The market for corporate fitness is not particularly segmented, as potential customers include all businesses that offer their employees some type of medical benefits, are experiencing escalating health care costs, and wish to more effectively manage those costs. Western Sydney Fitness, however, segments its services for individual organisations. Western Sydney Fitness works with senior management to develop mission statements and provide incentive plans, and with employees to design personalised health and fitness programs. Market Analysis (Pie) Corporate Employees Manufacturing Exployees Industry Employees Other 4.2 Service Business Analysis Several small fitness facilities are currently in operation in the Penrith area, none of which cater their services to corporations. These organisations are primarily exercise facilities with little emphasis on personalising individual plans to improve working performance. 4.2.1 Main Competitors The three main competitors for Western Sydney Fitness are: Fitness First - services are targeted toward those motivated and dedicated individuals who work out five to seven times per week. Better Bodies - aimed at casual fitness-seekers who do not workout with a high intensity but still desire the status and recognition. Strategy and Implementation Summary Western Sydney Fitness' strategy is based on raising worker productivity and lowering overall costs for businesses. The most logical way to approach these factors is through a healthy work force. 5.1 Milestones The milestones table and chart will show the specific detail about actual program activities that should be taking place during the year. Each one has its manager, starting date, ending date, and budget. 5.2 Marketing Strategy Western Sydney Fitness will begin by targeting small- to medium-sized businesses in the Penrith area. The first task is to convince senior executives of the benefits and needs of wellness programs. This will be accomplished 858MGT617 Assessment 2 Performance LAST UPDATED: September 2019, Version No. 1.0 Page 4 of 8 WELLS Wic T. +61 2 9283 4388 | E. info@wic.now.edu.au Lower Ground, 101 Sussex St., Sydney NSW 2000 Australia www.wic.now.edu.au INTERNATIONAL ABN: 19 080 559 600 | CRICOS CODE: 01856K | RTO: 90501 COLLEGE by aggressively pursuing interaction and relationships with business professionals who would profit from using this service. 5.2.1 Pricing Strategy Prices for using Western Sydney Fitness' services are comparable to those of higher-end fitness centres. An employee choosing to utilise a Western Sydney Fitness centre will pay a $100 monthly fee. 5.2.2 Promotion Strategy Following initial promotional activity through advertisements in newspapers, magazines, and on television and radio, Western Sydney Fitness will significantly reduce its promotional efforts in the hope that word-of-mouth will attract potential clients. Management Summary Western Sydney Fitness is currently a small organisation headed by three individuals. The CEO/Director of Sales and Marketing oversees the activities of the Director of Health and Wellness Programs and the Director of Finance and Administration.al vodafone AU 3G 22:26 @ 2 75%7 elearning.wic.nsw.edu.au T. +61 2 9283 4388 | E. info@wic.now.edu.au WELLS Wic Lower Ground, 101 Sussex St., Sydney NSW 2000 Australia | www.wic.now.edu.au INTERNATIONAL ABN: 19 080 559 600 | CRICOS CODE: 01856K | RTO: 90501 COLLEGE by aggressively pursuing interaction and relationships with business professionals who would profit from using this service. 5.2.1 Pricing Strategy Prices for using Western Sydney Fitness' services are comparable to those of higher-end fitness centres. An employee choosing to utilise a Western Sydney Fitness centre will pay a $100 monthly fee. 5.2.2 Promotion Strategy Following initial promotional activity through advertisements in newspapers, magazines, and on television and radio, Western Sydney Fitness will significantly reduce its promotional efforts in the hope that word-of-mouth will attract potential clients. Management Summary Western Sydney Fitness is currently a small organisation headed by three individuals. The CEO/Director of Sales and Marketing oversees the activities of the Director of Health and Wellness Programs and the Director of Finance and Administration. 6.1 Organisational Structure There are currently two divisions of Western Sydney Fitness: "Health and Wellness" and "Finance and Administration." With the growth of the company, more divisions will be created as the demand for services increases. 6.2 Management Team Gaps The gaps of Western Sydney Fitness' management team include: Lack of experience in the fitness industry. Minimal expertise in areas of finance and accounting. Strong desire for financial prosperity immediately with little patience for minimal profitability. Financial Plan Consulting revenue will make up approximately 85 to 90 percent of total revenue, with the rest coming from service revenue. Salaries and rent are the two major expenses, while depreciation is another significant cost. Although the purchasing of fitness, medical, and office equipment is expensive, constant replacement will be needed to maintain a competitive edge. In order to maintain steady gross margins, salaries and advertising expenses are not likely to increase within the first two years of operation, unless cash flows significantly increase. 858MGT617 Assessment 2 Performance LAST UPDATED: September 2019, Version No. 1.0 Page 5 of 8 Wic T. +61 2 9283 4388 | E. info@wic.now.edu.au WELLS Lower Ground, 101 Sussex St., Sydney NSW 2000 Australia | www.wic.now.edu.au INTERNATIONAL ABN: 19 080 559 600 | CRICOS CODE: 01856K | RTO: 90501 COLLEGE Task 1: Analyse the WSF business plan as provided and answer the following: a) Do you think WSF's business mission, vision and objectives are realistic? b) Do you think WSF's marketing strategy will succeed? Explain your answers.all vodafone AU 3G 22:27 @ 0 75%7 elearning.wic.nsw.edu.au Task 4: If you were developing the business plan for WSF, identify and describe 3 key performance indicators which would indicate whether WSF was meeting its business objectives. Include an additional KPI which might be used to demonstrate environmental compliance 858MGT617 Assessment 2 Performance LAST UPDATED: September 2019, Version No. 1.0 Page 7 of 8 Wic T. +61 2 9283 4388 | E. info@wic.now.edu.au WELLS Lower Ground, 101 Sussex St., Sydney NSW 2000 Australia www.wic.now.edu.au INTERNATIONAL ABN: 19 080 559 600 | CRICOS CODE: 01856K | RTO: 90501 COLLEGE Task 5: Identify the key stakeholders which WSF will need to consult, communicate with and report to. Task 6: Identify and describe the strengths and weaknesses of WSF's business plan. Based on your analysis, discuss the probability of success for WSF.al vodafone AU 3G 22:27 @ 0 75%3 elearning.wic.nsw.edu.au INTERNATIONAL COLLEGE Task 1: Analyse the WSF business plan as provided and answer the following: a) Do you think WSF's business mission, vision and objectives are realistic? b) Do you think WSF's marketing strategy will succeed? Explain your answers. Task 2: If WSF were to use the Business Plan Template (Additional Resources) to write their business plan, identify the information gaps between what the case study provides and what a potential investor in WSF would expect to see in a completed business plan. Conduct some research to determine if WSF will require any licences or permits to operate according to its business plan. Copy Select All BSBMGT617 Assessment 2 Performance LAST UPDATED: September 2019 Ver on No. 1.0 Page 6 of 8 T. +61 2 9283 4388 | E. info@wic.now.edu.au WELLS Wic Lower Ground, 101 Sussex St., Sydney NSW 2000 Australia www.wic.now.edu.au INTERNATIONAL ABN: 19 080 559 600 | CRICOS CODE: 01856K | RTO: 90501 COLLEGE Task 3: Identify the skilled labour WSF will require to implement its business plan and where it might best source the labour from.al vodafone AU 3G 22:26 @ 2 75 7 elearning.wic.nsw.edu.au Wic T. +61 2 9283 4388 | E. info@wic.now.edu.au WELLS Lower Ground, 101 Sussex St., Sydney NSW 2000 Australia www.wic. INTERNATIONAL ABN: 19 080 559 600 | CRICOS CODE: 01856K | RTO: 90501 COLLEGE Instructions: Read the case study below. You may assume any information that has not been mentioned in the case study, however any assumptions you make must be clearly identified as assumptions. Case Study: Western Sydney Fitness (WSF) Business Plan Executive Summary Western Sydney Fitness will serve Western Sydney businesses, helping them to become more productive, while lowering their overall costs. The business is based on two simple facts: 1. Healthy employees are more productive than unfit employees. 2. It costs less to prevent injuries or illnesses than to treat them after they occur. At Western Sydney Fitness, we link worker productivity directly to health care issues. We believe that traditional approaches to the current health care crisis are misdirected. These traditional efforts are reactive, that is, they wait until after the worker has been injured, and then pay for the necessary treatment. Our approach, which emphasises prevention and good health promotion, is much more proactive. 1.1 Objectives 1. Provide wellness strategies/programs to businesses in the Western Sydney area of Sydney. 2. Create working relationships with 20 companies by the end of year one. 3. Expand Western Sydney Fitness into Inner Sydney by the end of year two. 1.2 Keys to Success Western Sydney Fitness' keys to success are: Marketing services to companies and individuals. . Recruitment of experienced managerial talent. Dedication and hard work of the founders. Raising productivity. Company Summary Western Sydney Fitness is based on the belief that healthy employees are more productive and efficient employees. For this reason, it provides wellness strategies/programs to businesses in the Western Sydney area. This combines promotion of health and exercise-related activities designed to facilitate positive lifestyle changes in members of a company's work force. 2.1 Company Ownership Western Sydney Fitness is a privately held Pty. Ltd. company. The three founders comprise all of the ownership. BSBMGT617 Assessment 2 Performance LAST UPDATED: September 2019, Version No. 1.0 Page 2 of 8 T. +61 2 9283 4388 | E. info@wic.now.edu.au WELLS Wic Lower Ground, 101 Sussex St., Sydney NSW 2000 Australia www.wic.now.edu.au INTERNATIONAL ABN: 19 080 559 600 | CRICOS CODE: 01856K | RTO: 90501 COLLEGE Mary Jones (CEO) - 40 percent. Gerry Debenham (Director of Health and Wellness Programs) - 30 percent. Janet Debenham (Director of Finance & Administration) - 30 percent. 2.2 Start-up Summary Start-up will require approximately $300,000 of capital, $200,000 of which will be provided by the founders