TUTORIAL ACTIVITY WORKBOOK WORKBOOK 1 BUSINESS PLANNING
On completion of Tutorial Activities for workbook 1 Business Planning, please email directly to your
Lecturer/Assessor.
This workbook containing Activity 1 to 12, must be completed, as an essential component of your assessment plan, and is required to be completed before you sit your final exam assessment.
Each short answer has a suggested word limit, which is indicative of the length of each short answer you are to
provide.
Please note that areas in green are for assessors only
No part of this workbook may be reproduced by photocopying or any other means without written permission
from the Australasian Academy of Cosmetic Dermal Science.
AACDS WORKBOOK COVERSHEET
Please submit to your AACDS lecturer.
Student’s Name
Unit 1.4 Practice Management and Administration
Course
(Please select) 10510NAT Advanced Diploma of Cosmetic Dermal Science
52709WA Graduate Diploma of Cosmetic Nursing
52707WA Graduate Diploma of Dermal Therapies
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incur additional fees to extend unit access. demonstrates poor performance in all assessments, for the corresponding unit.
manual for each corresponding unit.
however on the second attempt the pass mark
re-enrol into the failed unit at the current full-fee
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specified in the student to resit a failed assessment,
the student must
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ASSESSMENT FEEDBACK FROM LECTURER:
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ACTIVITY 1
INDUSTRY
In this activity students are required to investigate and conceptualise the beauty industry in general and the various segments within the industry. The cosmetic medical market is a significant growth sector within the beauty industry and is an emerging market globally.
Students will need to research and review various market reports to then describe statistically ‘the beauty industry’, ‘the cosmetic medical industry’ in their own terms. Students should also demonstrate that they understand what is meant by ‘spa therapies’ and ‘dermal therapies’ and ‘cosmetic medical treatments’ and how each relates, and provide a demonstrated understanding of concepts of ‘a market’, ‘an emerging market’ and ‘an industry’, within their answers.
a) Compare and Contrast: Yes No
The beauty industry and the cosmetic medical industry (100 words)
Beauty therapies (spa therapies) and cosmetic medical dermal therapies (50 words)
Non-invasive, minimally invasive and invasive cosmetic medical procedures (50 words)
b) How would you assess the beauty industry in Australia, if you were to advise whether you think it is worth entering into as a new business? What industry statistics can you point to so as to support your advice? (100
words) Yes No
Assessor’s comments
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ACTIVITY 2
ENVISIONING
Students need to demonstrate understanding of the difference between 'vision' and 'mission' and be able to draft personal and professional vision and mission statements. Personalising an understanding of vision and mission enhances its conceptual application. Students are required to draft business vision and mission statements for the hypothetical medispa business in Assessment 2 — the business plan of this unit. The envisioning activities are also used to assist students in choosing a business name for the virtual medispa. Learners are expected to use the ASIC Connect website to check business name availability.
a) What is the vision and mission of a business? (100 words) Yes No
b) Write a personal vision and mission statement for yourself (think of your personal life and your career). (50 words
each) Yes No
Vision statement
Mission statement
c) Write a business vision and mission statement for a hypothetical medispa (refer to the fact scenario in
Assessment 2 — Business Plan). Yes No
Vision statement- (50 words)
Mission statement- (50 words)
Assessor’s comments
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ACTIVITY 2 (CONT)
ENVISIONING
d) Use the vision and mission statement you have written for the virtual medispa to determine 4 options for a name for the new medispa service. Check the ASIC Connect website to ensure the names are available before making
your final selection. Yes No
Option 1. Available Yes No
Option 2. Available Yes No
Option 3. Available Yes No
Option 4. Available Yes No
Medispa name:
Assessor’s comments
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ACTIVITY 3
VALUES
In Activity 3 students need to demonstrate a conceptual understanding of business reputation and the relationship between reputation and the values of a business. It is expected that learners will make reference to any research undertaken.
a) Think of a manager or mentor that you highly respect. Describe the character of that person and the values they
displayed. (100 words) Yes No
b) Describe what is meant by the reputation and the values of a business? What is the relationship between them? You may want to view the South West Airlines clip for inspiration. (50-100 words each)
Yes No
Reputation
Values
Relationship
c) Describe the reputation of the virtual medispa you have rebadged in an image statement. List the values that
that business will need to hold to maintain this image in a values statement. Yes No
Image statement - (100 words)
Values statement - (100 words)
Assessor’s comments
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ACTIVITY 4
GOAL SETTING
Personal and professional goal setting is fundamental to strategic planning activities and will assist to better conceptualise and apply the strategic planning process within the Business Plan assessment (in Assessment 2). Students are expected to reflect on their personal and professional goals, which is designed to have a practical significance in strengthening their self-regulation and leadership qualities, over and above goal rationalisation outcomes.
Different types of goals
a) In the table below list work/business related goals and personal goals: Yes No
Personal goals Professional goals
b) Is there any conflict between your personal and work related goals? What is the conflict and what can you do to find solutions so these goals are achievable? Are there similarities between your personal and work goals? Can you align personal and work goals to more easily achieve either/both? (100 words)
Yes No
c) People, who achieve maximum personal effectiveness, have usually established clear life and career goals. Reframe your top 3 personal and top 3 professional goals using the SMART principle. Each goal should be stated in one sentence ensuring that each on is specific, measurable, achievable, realistic and time-framed. Remember, ‘to lose weight’ is not a SMART goal - how much, by when etc. ‘To lose 3kg in the next 3 months’ is a SMART goal.
(200 words) Yes No
Assessor’s comments
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ACTIVITY 5
SWOT ANALYSIS
a) Identify your personal strengths so you can develop life strategies to take advantage of opportunities as they arise
and minimise your vulnerability to external threats and internal weaknesses. Yes No
Strengths Weaknesses
Remember strengths and weaknesses are internal to the business and opportunities and threats are external Assessor’s comments
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ACTIVITY 6
CRITICAL SUCCESS FACTORS AND STRATEGY
1. Critical Success Factors (CSFs)
Critical success factors, as they suggest, are critical for the success of your mission. If your goal is to lose weight, a CSFs may be ensuring you have a good diet and regular exercise, which are critical to the success of the goal. In business, if your CSFs are not achieved, the likelihood a business becoming profitable is remote. In the same way personal success also depends on certain CSFs. It is a skill to be able to think critically and identify CSFs.
a) Examine your personal objectives (that you drafted using the SMART principle) and identify the CSFs using the
SWOT analysis above. Ask: Yes No
· What must be done to achieve your objectives?
· What strengths do you need to develop?
· What weaknesses do you need to overcome?
· What are the opportunities and threats around you?
· What is critical for your success? (100 words)
b) CSFs and objectives lies hand in hand. Generally your objectives cannot be met without achieving or taking care of your CSFs, depending what you have identified. Sometimes you will have to refine your objectives if you can clearly see that you cannot achieve or overcome a CSF. Review your objectives to determine they are still valid in light of the CSFs you have now identified. List those that cannot be obtained due to a CSF that cannot be met and those that you can refine to fall in line with your CSFs. Now you have confidence in being able to attain the
objectives that remain. (100 words) Yes No
Assessor’s comments
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ACTIVITY 6 (CONT)
CRITICAL SUCCESS FACTORS AND STRATEGY
Strategy tip – 5 how’s method. Each time you answer ‘how’, ask again, how? This drills down to root actions to your strategy. Eg How to become rich earn money get a job get qualified study hard keep motivated, do the work, manage your time and keep fit
2. Strategy
Once you have identified your objectives and your CSFs you need to turn your attention to strategy. Strategy is the ‘how to do?’ You can have a strategy to achieve each of your objectives and each of your critical success factors. Strategy can be viewed from many levels, across an entire business or relating to some particular business function. But make no mistake; having a good strategy wins wars. There is no way around thinking through a good strategy and textbooks can only provide very limited information about the process. Good strategy comes from good thought, which sometimes takes a long time. Take the time to think about your objectives and your CSFs and come up with a
strategy for the top three: (100 words each) Yes No
i. Objective
Strategy
ii. Objective
Strategy
iii. Objective
Strategy
Assessor’s comments
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ACTIVITY 6 (CONT)
CRITICAL SUCCESS FACTORS AND STRATEGY
Yes No
i. CSF
Strategy
ii. CSF
Strategy
iii. CSF
Strategy
Assessor’s comments
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ACTIVITY 6 (CONT)
CRITICAL SUCCESS FACTORS AND STRATEGY
Strategy tip – Yes No
Brian Tracy’s 20 ways to success. Brian Tracy, a renowned business coach and motivator, once described a method of achieving very difficult goals. It’s called the 20 method and has been known to strike success in many an instance. The technique is as follows: Write down a goal you have, particularly a difficult one that you cannot seem to achieve, and then follow that with a brainstorming session, listing 20 ways you could achieve this, off the top, without thinking things through too much. Then review the list and examine more closely if anything has more sense than you first thought. Sometimes, it just takes a spark of inspiration to solve an ancient mystery.
Objective
Strategy
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Assessor’s comments
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ACTIVITY 7
REGULATION
Students should explore the regulatory environment across the industry, from requirements in running a small business to the licencing requirements of offering certain treatments and procedures including IPL and injectable treatments.
Students are required to demonstrate they have grasped the realities of the regulatory environment within the beauty and cosmetic medical sectors specific to the state in which they intend to practice. Students should complete their own research into regulatory environments and quote the sources of information they have discovered.
a) Are there any special regulations or licences you need to have to operate your virtual medispa business?
Search www.sbdc.com.au to help you find relevant licences. Yes No
License Cost How do these regulations affect your planning?
b) What does the body ARPANSA do in regard to IPL regulation? Investigate the current state of regulation in regard
to providing an IPL service in your clinic. (100 words) Yes No
c) Who can inject Botox and fillers in a medispa or clinic? What regulations are in place and what body authorises
this regulation? (100 words) Yes No
Assessor’s comments
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ACTIVITY 8
BUSINESS DETAILS
d) In this exercise students will need to consider business details (hypothetical) and the amount of capital they will need to commence the venture, but at this stage students are asked to make an educated guess, on the ‘back of an envelope’ - they will have the opportunity to revise this figure after completing further activities which refine costs involved.
What is your trading name?
If applicable: Business address:
Phone number: Fax:
Mobile number:
Email:
Website:
Australian Business Number?
What is your business legal structure?
What type of business are you in (sales, retailing, beauty, personal services, medical products)
What date (intended date) did/will the business commence?
How much capital is your business commencing with?
(Your own funds and/or a bank loan)
Assessor’s comments
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ACTIVITY 9
INSURANCE & BUSINESS DETAILS
List some of the different types of insurance you will need for your organization and briefly describe what each one covers and the premiums involved for each. Use the 2 quotes provided in the materials as examples of policies you may consider essential (you may consider others).
Refer to and download the separate files named:
Appendix 1 – Insurance Quote 1 and Appendix 2 – Insurance Quote 2 Yes No
a) All businesses need professional help. Who will be your business advisers? You will need experts to help you with the formalities of your business. Embellish as you see necessary with hypotheticals. It may be necessary to review online/make a few telephone enquiries/speak with experts, to compare professional rates so that you can
estimate the cost of work that may be required (eg annual services). Yes No
Accountant:
Business Name:
Contact Name:
Address:
Phone Number:
Email:
Rate:
An accountant will be needed to advise you on your obligations with taxation and any changes or reforms in the tax laws. They will also do the annual business books. How much will you estimate to spend on accounting fees in a year?
Assessor’s comments
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ACTIVITY 9 (CONT)
INSURANCE & BUSINESS DETAILS
Solicitor:
Business Name:
Contact Name:
Address:
Phone Number:
Email:
A solicitor will be needed to look over any legal documents such as leases, contracts, trademarks etc. How much will
you estimate to spend on legal fees in a year?
Banker:
Bank Name:
Contact Name:
Address:
Phone Number:
Email:
You will need to build a relationship with your banker and discuss the options available for business.
i. Do you need a loan? Do you need an overdraft? What types of accounts are necessary (cheque, credit card, direct debit). How much will it cost to lease eftpos terminals/ CC facilities and to have them installed? ) (50
words) Yes No
ii. How much will you expect to pay in interest for a small personal loan/ mortgage? (50 words)
Yes No
iii. How much interest will a bank pay on deposits under $10,000/ over $100,000? (50words)
Yes No
Assessor’s comments
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ACTIVITY 10
BUSINESS SYSTEMS
Business systems are essential building blocks of a business that are needed to produce the daily running of the business in which you need to be successful. A systems approach within a business eliminates employee discretion and generalised solutions with detailed procedures and performance standards that let everyone know how the business operates based on various policies and procedures. The most successful businesses have in place great systems that are easy to implement and replicate.
a) Describe what is meant by a business system? Describe how various business processes and activities make up a
system. ) (100 words) Yes No
b) List three business activities (an activity is any functional area of a business) in a medispa and the corresponding list of policies, procedures and/or protocols that the business will need to help set standards, establish clear guidelines and help to make that activity run smoothly. Students should be able to list at least 2 policies / procedures / protocols within each Business Activity (Eg Activity - Waste Management, Policy – Protective Gloves Policy, Procedure - Disposal of Sharps Procedure, Protocol – Hazardous Waste Disposal Protocol).
Yes No
1. Business Activity:
Policy Procedure Protocol
1. 1. 1.
2. 2. 2.
3. 3. 3.
4. 4. 4.
5. 5. 5.
2. Business Activity:
Policy Procedure Protocol
1. 1. 1.
2. 2. 2.
3. 3. 3.
4. 4. 4.
5. 5. 5.
Assessor’s comments
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ACTIVITY 10 (CONT)
BUSINESS SYSTEMS
3. Business Activity:
Policy Procedure Protocol
1. 1. 1.
2. 2. 2.
3. 3. 3.
4. 4. 4.
5. 5. 5.
c) Develop a policy on personal hygiene, infection control or hazard control (OHS) for your organisation, including
how you will monitor its implementation. ) (300 words) Yes No
Name of Policy / Protocol:
d) What is an operational plan and what is its relationship with protocols, policies and procedures? ) (100 words)
Yes No
Assessor’s comments
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ACTIVITY 11
PREMISES
In this activity students explore leasing and the various details that are significant in the leasing process.
Students should review and download separate documents named: Appendix 3 - Disclosure [1] and Appendix 4
Disclosure [2] before completing activity 11. Yes No
Term:
Options: -
Cost per annum: $
Rent Reviews – When? How Much? %
Corporate body fees, rates: - $
Outgoings: - $
Floor (m2): -
Expected council rates: -
What are the positives about the location of your premises (e.g.: low rent, high pedestrian count, with existing
business) (100 words) Yes No
What could be negatives due to premises location: (high rent, no parking) (100 words) Yes No
Remember to check with local government agencies for future changes of use in your local area (e.g. diverting a road may take away your passing traffic), road works may make your business hard to access or a new shopping center development may revive a quiet street into a hub of activity.
Assessor’s comments
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ACTIVITY 12
HUMAN RESOURCES
In part A, students need to examine the details of the staff and for one position within a virtual medispa. In providing details of the one position students can use their own work conditions or some other, but must ensure the conditions relate to a real world example.
a) Medispa Staff Yes No
Make a list of the positions required for the next 12 months (or use your Medispa staff list as a guide).
1.
2.
3.
4.
5.
6.
7.
8.
Give a brief overview of one of the above position details.
Position
Responsible to
Minimum experience
Training required
Award wage
Actual wage
Pay frequency
Employment type
Incentives/bonuses
Employees need to provide you with there: -
· Tax file number
· Bank account details
· Completed tax declaration form
· Details of their superannuation fund
· CV and evidence of qualifications
You will need to keep all of these details in a confidential personnel file.
Assessor’s comments
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ACTIVITY 12
HUMAN RESOURCES (CONT.)
P.A.Y.G
P.A.Y.G (pay as you go) will have to be deducted from employee’s gross wages and paid to the taxation office. It is vital that this money is put aside each pay period. This money does not belong to the business – you are simply collecting it on behalf of the tax office.
b) Cost of Labour Yes No
Part B requires students to investigate the real costs of labor and particularly the costs of productivity. What is the financial commitment to the business for the above position? To work out exactly how much our new full time team member will cost the business calculate the total actual labour cost by following the four steps below:
Step 1 – Total cost per year
· Work out how much you will pay per hour $
= Hours
· How many hours per week will the work?
· Hours per week x hourly rate (Weekly gross wage) $
· Multiply weekly rate by 52 weeks in a year (annual gross wage) $
· Calculate 9% superannuation per annum $
· Calculate 3% workers compensation premium per annum $
· Add the annual figures together to get to the actual cost to employ this $person per year
Step 2 – Paid Leave
Work out how many days of the year you will have to pay wages for non-productive days such as holidays, sick leave and public holidays. Use your handout ‘minimum conditions of employment’ to work out the following entitlements.
• Annual Leave entitlement is days, costing $ Per Annum
• Paid public holidays are days, costing $ Per Annum
• Sick Leave entitlement is days, costing $ Per Annum
Total paid leave days And $
Assessor’s comments
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ACTIVITY 12
COST OF LABOUR (CONT.)
Step 3 – Productivity
Now calculate the number of productive hours a worker has available per year, allowing for non-productive activities
(e.g. coffee breaks, corridor chats etc...).
We will assume for this exercise that a worker loses about 1/2 hour each day in non- productive activities. Therefore if you do 7.5 hours per day, 7 hours of it will be productive.
In this case your staff productivity rate is 7 ÷ 7.5 = 93%
Multiply the staff productivity rate by the number of working days in the year.
Total possible workdays in the year (@ five days a week x 52 weeks) equals 260 days.
Now subtract the above paid leave days i.e. less days.
Leaving total actual days at work - equals days
Multiply total actual days at work by staff productivity rate (0.93) = productive days a year
Step 4 – Cost per productive hour
Calculate cost of labour by dividing actual cost (Step 1) $ by productive days a year (Step 3) equals $
per day.
Divide by 7.5 (hours in a day) to get Cost per productive hour $
c) Consider actual productivity of yourself and other staff at your work. Staff can spend their time on Facebook,
eBay, doing personal errands, banking, socialising etc in office hours. What is the relationship between staff productivity and business costs? How accurate is the 93% staff productivity rate we estimated? How can this be improved? Provide your answer in context with the article. High-performance companies: the distinguishing profile by Richard L. Osborne and Scott S. Cowen (located as a separate file to download named Appendix 5 - High-performance Companies). (300 words)
Assessor’s comments
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