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BSBFIN801

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Business

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May 5, 2024

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BSBFIN801 Lead financial strategy development Learner Instructions 3 Skills Test Submission details Students Name Student ID Group Assessor’s Name Assessment Date/s The Assessment Task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor. Submit this document with any required evidence attached. See specifications below for details. Instructions 1. The purpose of this assessment task is to complete a set of activities to lead the development of financial strategy. 2. You will take on the role of the Operations Manager. 3. Your Assessor will take on the role of the General Manager. 4. Your Assessor will assign the role of the External financial advisers to your class mates. 5. You will have the responsibility to manage the team members. 6. For the meetings: Your Assessor will supervise/observe the meeting. You must complete the meeting agenda, meeting minutes and associated templates. 7. You must use the templates provided to document your responses. 8. You must follow the word limits specified in the templates. 9. Keep copies of all submitted materials for your records. 10. BSBFIN801 Learner Instructions 3 Version: 2.0 Implemented: 2 nd July 2023 To be reviewed: 2 nd July 2025 Responsibility: Operations Manager RTO Code: 0249, CRICOS Provider Code: 03282E © MVJ Enterprises Pty Ltd t/a Perth College of Beauty Therapy, YES College Page 1 of 79
BSBFIN801 Lead financial strategy development Skills Test:  This assessment requires the student to complete a set of activities given in this assessment task based on the information given in the case study. These activities will provide an opportunity for the student to lead financial strategy development for the organisation given in the case study. This includes: Using and analysing financial and economic information achieve enterprise objectives and maximise returns on financial resources. Analysing and using budget systems and reporting processes. Monitoring and managing financial resources over a full planning cycle, including setting targets, managing risks and improving compliance mechanisms. Revising forecast according to changes in budget deviations. Introduction “Online Media Solutions” is a marketing and web development business based in Melbourne, Australia. The business started in operations in 2015 and has seen exponential growth since its establishment. The business operates in the web service industry to offer superior and unique services to small businesses and institutions (B2B business model). Our experience and expertise in web sales and e- commerce give us the backing to provide solutions that are currently lacking in the market. There is an all-time high demand for web development and marketing for small businesses with signs of rising further. Interestingly, few web developers have taken advantage of this opportunity, leaving the industry with no dominant participants. The projects’ high costs and the focus on more prominent companies and institutions could contribute to why this market remains untapped. We will have a system that will reduce the project costs dramatically, allowing us to offer quality services at reduced costs. Business plan Business plan excerpt Company details: Company name: Online Media Solutions, Pty. Ltd Company address: 2/10 Lawn court, Craigieburn, 3064, VIC BSBFIN801 Learner Instructions 3 Version: 2.0 Implemented: 2 nd July 2023 To be reviewed: 2 nd July 2025 Responsibility: Operations Manager RTO Code: 0249, CRICOS Provider Code: 03282E © MVJ Enterprises Pty Ltd t/a Perth College of Beauty Therapy, YES College Page 2 of 79
BSBFIN801 Lead financial strategy development Mission Provide best-in-class design services Make a positive impact on our customer businesses Be respected and admired by peers Our vision To provide best-in-class web design and development services in a simple, effective, and cost-effective manner to the target audience. Objectives The objectives of Online Media Solutions are as follow: To exceed customer expectations. To provide cost-effective and quality services to our clients. Build and maintain long-term relationships with the clients. To increase operational efficiency. To venture into new markets based on the opportunities identified. Keys to Success We will offer quality web services to small businesses and institutions at affordable prices. To build and tailor our services to small businesses. Positioning as a viable solution alternate to more established brands Services We currently offer the following services to our clients: Interface and Web Design Graphics design Website development BSBFIN801 Learner Instructions 3 Version: 2.0 Implemented: 2 nd July 2023 To be reviewed: 2 nd July 2025 Responsibility: Operations Manager RTO Code: 0249, CRICOS Provider Code: 03282E © MVJ Enterprises Pty Ltd t/a Perth College of Beauty Therapy, YES College Page 3 of 79
BSBFIN801 Lead financial strategy development Domain and web hosting Video editing Blog development Search engine optimisation E-commerce Values Quality service to our clients Integrity & Accountability Reliability Quality Innovation Respect Strategic directions The strategic direction of ONLINE MEDIA SOLUTIONS is to achieve its mission and vision is through: Increasing operational efficiency Engaging with customers through quality research and understanding supported by marketing techniques. Establishing a reputation for exceptional customer service and end to end solutions Supporting people to perform via training and performance management Controlling costs through operational efficiency Organisational structure and expertise The foundation team has 30 team members. The business has three (3) departments: IT department Marketing department BSBFIN801 Learner Instructions 3 Version: 2.0 Implemented: 2 nd July 2023 To be reviewed: 2 nd July 2025 Responsibility: Operations Manager RTO Code: 0249, CRICOS Provider Code: 03282E © MVJ Enterprises Pty Ltd t/a Perth College of Beauty Therapy, YES College Page 4 of 79
BSBFIN801 Lead financial strategy development Sales department The finance and human resource work are outsourced. All three (3) departments are managed by Managers who are experienced and experts in commercial web development and business-to-business sales. Further, the team members have years of experience working for MNCs. All the departmental managers’ report to the Operations. Business model “Online Media Solutions” is a full-service web solutions provider for businesses. The company offers services through the mode of its B2B engagements. B2B services: “Online Media Solutions” service portfolio includes Web Design, Graphics design, Website development, Domain and web hosting, 2d & 3d animation, Blog development, Search engine optimisation and E- commerce. The project cost will be estimated by the appropriate number of hours needed to complete the project. The sales team will aggressively track prospective clients and sell the services provided for businesses. Operational model and strategies B2B engagements BSBFIN801 Learner Instructions 3 Version: 2.0 Implemented: 2 nd July 2023 To be reviewed: 2 nd July 2025 Responsibility: Operations Manager RTO Code: 0249, CRICOS Provider Code: 03282E © MVJ Enterprises Pty Ltd t/a Perth College of Beauty Therapy, YES College Page 5 of 79
BSBFIN801 Lead financial strategy development Lead generation – Lead generation refers to creating and generating prospective consumer interest or inquiry into a business’s products or services. This will be done by building a database of prospective customers using social networks, business listings, internet search etc. Sales pitch – A sales pitch is a line of talk that attempts to persuade someone or something with a planned sales presentation strategy of a product or service designed to initiate and close a product and service sale. Sales professionals prepare and give a sales pitch using the following methods: Face to face meetings E-mailing marketing contacts from the leads BSBFIN801 Learner Instructions 3 Version: 2.0 Implemented: 2 nd July 2023 To be reviewed: 2 nd July 2025 Responsibility: Operations Manager RTO Code: 0249, CRICOS Provider Code: 03282E © MVJ Enterprises Pty Ltd t/a Perth College of Beauty Therapy, YES College Page 6 of 79
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