TAFE NSW - Sydney InstituteBSBMGT 5171

Consider each of the following resources required: Human, Financial, Technology, Materials, Equipment, Facilities and Services.

Conduct your own research and provide a documented description of the resources you will require to achieve your goals/ objectives as applicable to the Operational Plan.

Your research must be thorough and ensure that you access a range of sources of information, including:

·        internet

·        local businesses

·        potential suppliers

·        clients, co-workers, other stakeholders

·        Specialist resource manager, i.e. Operations manager, HR manager, Recruitment agency, Local Council, Procurement Manager, Accountant

You must reference your sources of information.

Answer:

Consider each of the following resources required: Human, Financial, Technology, Materials, Equipment, Facilities and Services.

Many good strategic plans have failed to be successfully implemented due to a lack of resources - typically a lack of money, people, or both. It is therefore critical to be realistic in operational planning and to recognize that resources are limited. Managers must carefully plan the use of funds, the acquisition of facilities and equipment, and the development of people within the organization in order to meet objectives.

The following factors must be taken into account:

• Human
• Financial
• Technology
• Materials
• Equipment
• Facilities and 
• Services

Human

When creating an Operational Plan, the structure of the organization must be considered. Planners must assign an individual to each strategy and task in the Operational Plan, or the likelihood of success will be reduced. Human resources are the individuals who work for a company. Their abilities and knowledge are priceless to the managers.

Financial

Monetary resources are sums of money that managers use to purchase goods and services for the organization. Sound financial planning is required to ensure that all of an organization's resource requirements are identified. 

Technology

Information systems are dependable and provide the necessary data for decision making. Whatever your industry, you must invest in technology to support your day-to-day operations. Computers and software, as well as Internet service and intranet/network functionality, are typically included. 

Materials

There are numerous other supplies and materials required to run the business, most of which are basic items that you may take for granted but must be budgeted for: paper, toner, files, staplers, writing utensils, cleaners, and so on. You will almost certainly require basic office furniture as well. You may also want to invest in amenities that help to create a working environment and set the tone for your desired company culture, such as a coffeemaker, a dartboard in a break area, or whiteboards for meetings and brainstorming.

Equipment

Machinery and equipment are important assets to have when starting a business. Equipment can be costly for service businesses such as restaurants, dry cleaners, print shops, and so on. However, in recent years, a larger reseller market has emerged for many types of still-serviceable equipment. For tax purposes, it is critical to report the current asset value of used equipment and have an accountant confirm its useful life for your income statement and tax returns.

Vehicles are necessary equipment for some businesses to run day-to-day operations. You can use your own, which is less expensive, or you can buy or lease one.

Facilities and Services

In many cases, the availability of facilities and resources affects the implementation of strategies and tasks within the Operational Plan. They can, however, be hired or borrowed if not owned. A component of operation planning is determining the facilities and resources required to implement strategies. Planners must determine how much money is needed to buy, hire, or maintain facilities and resources.

Conduct your own research and provide a documented description of the resources you will require to achieve your goals/ objectives as applicable to the Operational Plan.Your research must be thorough and ensure that you access a range of sources of information, including:

·        internet

·        local businesses

·        potential suppliers

·        clients, co-workers, other stakeholders

·        Specialist resource manager, i.e. Operations manager, HR manager, Recruitment agency, Local Council, Procurement Manager, Accountant

You must reference your sources of information.

The resources that I will need to achieve my goals/objectives as they relate to the Operational Plan are detailed below.

The Operational Plan is concerned with resource coordination (people, money and physical resources). Time is another non-renewable resource.

According to Johnson and Scholes, "Strategy is the long-term direction and scope of an organization: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets, and to fulfill stakeholder expectations."

So, what are these "resources" that a company must put in place in order to pursue its chosen strategy?

Business resources can be usefully classified into several categories:

Financial Resources

Financial resources refer to a company's ability to "finance" its chosen strategy. A strategy that necessitates significant investment in new products, distribution channels, production capacity, and working capital, for example, will put a significant strain on the company's finances. From a financial standpoint, such a strategy must be very carefully managed. An audit of financial resources would consider the following factors:

Finance funds that already exist

• Balances of cash
• Overdraft protection from a bank
• Loans from banks and other institutions
• Shareholders' money
• Working capital (e.g., stocks and debtors) that has already been invested in the business
• Those who owe money to others (suppliers, government)

Human Resources

The issue with Human Resources is centered on the company's skill set. What abilities does the company already have? Are they adequate to meet the requirements of the chosen strategy? Could the skill set be flexed or stretched to meet the new demands? A human resources audit would include an evaluation of the following factors:

• Existing personnel resources
• Personnel numbers by function, location, grade, experience, qualification, and remuneration
• Staff turnover is currently at a high level ("natural wastage")
• Overall training standards and specific training standards in key roles
• Evaluation of key "intangibles" such as morale and business culture

Physical Resources

Physical resources encompass a wide range of operational resources concerned with the physical capability to deliver a strategy. These are some examples:

• Manufacturing facilities
• Existing production facility location; capacity; investment and maintenance requirements
• Quality, method, and organization of current production processes
• The extent to which the strategy's production requirements can be met by existing facilities.
• Services for marketing
• The marketing management procedure
• Channels of distribution

The field of information technology

Integration of IT systems with customers and suppliers

Table 2 Resources

Strategy

Action / Activity

Resources required

Strategies for operational planning

An operational plan's key components include:

• Specific goals.
• Activities to be carried out
• Quality requirements.
• Key objectives and performance indicators
• Plan for risk management
• Requirements for personnel and resources (including a budget).
• Timetables for implementation
• A procedure for tracking progress.

The process of mapping strategic goals and objectives to technical goals and objectives is known as operational planning (OP). ... Customers and suppliers should be included in operational plans, which should outline the activities and budgets for each part of the organization for the next 1-3 years.

In conclusion

Every goal-oriented organization must have an operational plan. Contact The Alternative Board today to set up a consultation with our team of business advisory services experts. We will assist you in developing an effective operations plan that will assist you in meeting your long-term business objectives.

Developing an Effective Operational Strategy

The best operational plans have a clearly articulated goal that everyone in your company is working toward. As a result, your operational plan will be a useful document for your investors. However, it can also benefit you and your employees by encouraging you to consider deadlines and tactics carefully.

The goals of an operational plan must be clearly articulated. Operational objectives should be viewed as your strategy for achieving your company's strategic goal. A good operational goal should be:

• Measurable
• Specific
• Timely
• Realistic

Resources are derived from money. You can spend money and immediately obtain a resource. A book, for example, is a resource because you can buy it right away. A physical server is a resource because you can buy one and have it shipped to you. As a result, computers joined the race to increase output while decreasing man's time spent on manufacturing and general production of goods and services. Machines, on the other hand, are useless in the absence of humans and materials. They must be operated by humans and fed with materials. That is undeniably true. Money Without money, no venture or enterprise can motivate workers, obtain quality and sufficient materials, obtain the appropriate machines, and maintain them.

Without money, no venture or enterprise can motivate workers, obtain quality and sufficient materials, obtain and maintain the appropriate machines, or even ensure that time is properly managed. Money management, when not properly organized, has been the most well-known factor in the failure of businesses throughout history. The amount and quality of money invested in ventures has a direct impact on their long-term viability. Accounts departments have been revolutionaries in ensuring the maximum operations of surviving business organizations over the years, by man. When there is a lack of funds, no good workers, materials, or machines can be hired, purchased, or acquired.