Business planning

Please email your lecturer or assessor once you have finished the tutorial activities for workbook 1 Business Planning.

Before you take your final exam assessment, you must complete this workbook, which contains Activities 1 through 12. It is a crucial part of your assessment plan.

There is a recommended word count for each short answer that serves as a guide for how long each short answer should be.

Please be aware that only assessors may use the parts in green.

Without express consent from the Australasian Academy of Cosmetic Dermal Science, no portion of this workbook may be copied or otherwise duplicated.

Sheet for the AACDS Workbook

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

AACDS Assessment Policy

Assessments Marked “Competent” or ”Not Yet Competent”:

Must be completed by the due date specified in the student manual for each corresponding unit.

If a student fails to meet the due date as specified, this may incur additional fees to extend unit access.

If a student consistently achieves ”Not Yet Competent” and demonstrates poor performance in all assessments, AACDS reserves the right to terminate the student’s enrolment for the corresponding unit.

Graded Assessments/Exams:

Must be completed by the due date specified in the student manual for each corresponding unit.

A student will have the opportunity to resit a failed assessment, however on the second attempt the pass mark will increase by 10%.

If a student fails on the second attempt, the student must re-enrol into the failed unit at the current full-fee

Grade (if applicable):

Competent

Not Yet Competent

Please Resubmit this Assessment by:      

Assessment Feedback from Lecturer:

Completion of all tutorial activities:

Yes

No

Recommendation to sit final exam

Yes

No

Assessor’s Signature:

Date:      

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.

Compare and Contrast: Yes No

The beauty industry and the cosmetic medical industry (100 words)

Beauty industry works to improve the beauty of one’s body and appearance using prepared chemicals. The range varies and includes hair and other products. The cosmetics medical industry uses some medical inteventions under the supervision of an expert. The beauty industry changes everyday with new techniques and designs that people seek. Differences between the two industries come from the cosmetic sector where strict ethical and medical procedures guide the activities. Doctors guide the employees on the right procedures to avoid endangering the lives of the customers.

Beauty therapies (spa therapies) and cosmetic medical dermal therapies (50 words)

Beauty therapies are the skills one requires to analyse, understand and make improvements to a customer’s appearance according to their desires. Dermal therapy is a qualifications onereceives and enables him or her to change the physical looks going by the demands of a customer. These trainings are the ones that one must have to conduct the cosmetic therapy to people who need them.

Non-invasive, minimally invasive and invasive cosmetic medical procedures (50 words)

Non invasive medical procedures do not damage tissues of the body during medical interventions for the beauty procedures. It a careful examination that preserves the body tissues. The guidance of an expert will ensure the medical procedures o complete the process. Minimaly invasive procedures can do away with some tissues in order to make a body look beautiful. Invasive cosmetic procedures damage tissues of the body when conducting a beauty treatment. They can be severe and lead to risky conditions of the body.

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

To assess the beauty industry in Australia, it is better to study the growth of the industry, analyse the profits it brings into the country, and the possible opportunities in the future. It is also important to note the trends and gauge the ability to cope up with them in running the business. The beauty industry changes everyday with the current growth rate of almost 2%. The spending ranges from an annual 4.5 billion dollars and an employment population close to 90000. The more than 20000 businesses running this industry are majorly located in the rban areas, but a few capture the rural markets. People who would love to join this industry have a wide choice to make but careful studies will help before one joins the business.

Assessor’s comments

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.

What is the vision and mission of a business? (100 words) Yes No

The mission of any business states the services and goods to offer and the people to whom it will offer. The expression of the mission takes on a product examination and the market culture. It analyses what the people need within some place and time. When stating a mission, one does not care about the ways of achieving them. It is because the means of handling the business goals is what falls under vision. In cases where the mission of a business changes, the vision and dynamics of achieving it change as well. Sometimes, the vision can change when the market trends change and alter the business practices.

Write a personal vision and mission statement for yourself (think of your personal life and your career). (50 words each) Yes No

Vision statement-

To serve the customers in the best of heart, consideration and ethics in the business world and generate a feeling of trust and satisfaction between us.

Mission statement-

Attain the right experience and skills to allow the achievement of the stated goals at the right time, without paying attention to any distractions.

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)

To deliver the medical therapies in the current beauty desires and tastes of the people in line with both traditional and current demands and fulfil customer needs. These should be in regard to medical ethics that call for care of the patients health and future life in applying any beauty interventions.

Mission statement- (50 words)

Use every method in the market, involve professionals, and use customer feedback to ensure satisfaction in the medical field practice and care. Customers will choose the medical approach, traditional or current, which we will provide explanations of their benefits and shortcomings. These are geared towards creating satisfaction to the customers.

Assessor’s comments

Activity 2 (cont)

Envisioning

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. Whole-Body SPA Available Yes No

Option 2. Crisp Mark SPA Available Yes No

Option 3. Identity Mark SPA Available Yes No

Option 4. Leading Form SPA Available Yes No

Medispa name: Crisp Mark SPA

Assessor’s comments

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.

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

The manager of Photolex Media is a business man I rever for several reasons. He does his business in a moderm way, leads his team by example and gives room for inventions, explorations and change. He inspires other young business people to come up and challenge other business practitioners in services delivery. He is ethical in how he handles handles his work, and enforces the same in the employees. As a result, customers get satisfaction from Photoflex Media Company.

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

Reputation is the picture one gives to the customers they serve. In such regards, a business must understand the laws and expectations of the customers. Working towards achieving the same or failure to do the same gives the wrong or right impressions (English & Moatte, 2011). It is advisable that businesses work on the specific reputation they want to be known for and give a sense of hope and trust for their business.

Values

Values are the various concepts of ethics and morals that a business offers the customers. A business that wants to build on a reputation must find the moral values that define it, the ways of achieving them and then work towards them. Examples are honesty and trust, as English and Moatte (2011) suggest.

Relationship

Reputation is dependent on values for any business. The values are what will convince the customers that a business is doing the right thing for them. As a result, the business activities that one checks must be in line with the reputation they intend to achieve.

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)

Crisp Mark SPA will stand out to be the best in the market from its unrelenting spirit of providing the right SPA services and maintaning not giving room for compromise. It must then be acceptable by customers to visit it, anytime they need a credible service in the SPA industry. In achieving the same, it should be obvious even from the looks of a medical officer, who will justify that health conditions are met. Introduction of disciplicary measures to any person who violates the business reputation and causes a customer dissatisfaction will help.

Values statement - (100 words)

Honesty and obedience to the customer body and health are the key values. Crisp Mark SPA will identify the flaws in the industry, where customers’ lost confidence. In doing such an assessment, the business will find the right methodologies of closing the gap of mistrust between the customers and service providers. Crisp Mark SPA will draw a plan to ensure the business picks these concepts and utilise them for the benefit of customers. Later on, customer feedback will inform us if the business is headed to the right direction or not.

Assessor’s comments

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

In the table below list work/business related goals and personal goals: Yes No

Personal goals

Professional goals

To achieve the highest levels of service to humanity.

Create a business image that each customer will confirm as the best and ethical in the region.

To get fulfilment after my work and balance the needs of changing environment.

Create trust and love from the customers by doing them the right thing in terms of service and pricing.

Be happy when I can achieve all my plans for life and the possibility of changing my future.

Ensure the customers get right service and to change their lives and demand for more in the business world.

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

There is conflict between personal and business goals, which is the dependence of the personal goals on the business goals. Whatever I do in business reflects in the achievement of personal goals. They are both dependent on each other and can topple easily if I cease to focus on either of them. Due to this conflict, some goals appear to be close to others in the professional and personal ambitions. The two goals are easy to align for achievement and fulfillement. It requires the examination of the business field and the changes one needs to make in specific points.

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

To achieve the highest levels of service to humanity within five years of my career. These will be fulfilling to me and create changes and fulfilments as time changes in the business field. Meeting these goals will make me happy and act as a source of inspiration for the achievement of more. However, the happiness I shall have created in another person’s heart will be necessary for the trust and friendhip I intend tto build with humanity.

After serving the first five customers, it will be easy to identify their satisfaction or displeasure. Using customer feedbakcs to correct anythng wrong in the business is a business tip I wish to employ at the best time. By creating the trust and love, customers become easily won for the services of my business.

Assessor’s comments

Activity 5

SWOT Analysis

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

1 eg. Qualified Dermal Therapist

2 Creative and innovative in ideas

3 Strong interpersonal communication with customers.

4 Industrious and hardworking.

5 Utilizes opportunites well and for the right purposes

6 Observant and can gauge the quality of my work, find flaws and improve in rightfully.

7      

8      

9      

10      

1 eg. No previous business experience

2 Gives up when met with a line of difficulties.

3 Poor time manager.

4 Lacks the ability to comfort all the customers. The emotionally weak are never beneficial in my services.

5 Rarely takes risks with money.

6 Adaptation in a new business is not easy.

7      

8      

9      

10      

Opportunities

Threats

1 eg. Strong local economy

2 Chance to improve on my skills and experiences.

3 Create a better reputation by handling the emotions of others.

4 Has a pool of friends and network of experts to offer guidance to the business.

5 Wide market and diverse culture to work for. This gives experience to me and other business partners.

6      

7      

8      

9      

10      

1 eg. Legislation regarding future of IPL use uncertain

2 Short time for improvement as the business picks faster.

3 Chalenges from other people who are better in personality.

4 Feelings of inferiority complex in a group of more workers.

5 Feels the hreat of not allowing another person to run the business.

6 Inventions of new technologies to carry out advanced care.

7      

8      

9      

10      

Remember strengths and weaknesses are internal to the business and opportunities and threats are external

Assessor’s comments

Activity 6

Critical Success Factors and Strategy

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.

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)

A proper plan must be drawn to achieve the obkectives. Drawing a plan creates a way and illuminates the path that my objectives demand to achieve. It is possible to make these happen through tests or using the previous methods that worked, if there are, to enable success of the same. I must be hardworking and patient, ready to struggle through the waves of inconsistencies of a business (English & Moatte, 2011). That means I must overcome any tendencies to give up when challenges knock. Within my field of business are people with variety of experiences to handle advise on theright methods of work and business progress. For my business, the reputation it will set is critical for its benefit.

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

Overcoming the difficulties in handling interpersonal care can sometimes be difficult. I have less information on what I need to change and how others can relate to the same. Changing other people is not an aasy thing. I need the right information about my clients in order to handle their emotions (Cole, 2013). However, it is not simple to meet clients with the same personality, as some have the difficulty of sharing with the people. If these were easy to go over, it would be easy to handle the people and make the running the business ready for me. I will need to cope with my failure and work on other business determinants to make changes.

Assessor’s comments

Activity 6 (Cont)

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

Critical Success Factors and Strategy

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

Objective

To make the business one of the most trusted in the region, so that customers will always come for the services it offers. More customer should have trust in the business and attract more people for the services offered.

Strategy

Create honesty, cultivate the culture of morals as we serve our customers. Making their desires my command allows me to state the right ways of achieving the desired results without struggles. It will build the rapport to win more customers simultaneously.

Objective

Make profits in the business from the good services intended for the customers. More profits are only possible if customer numbers increase steadily.

Strategy

Increasing profits calls for the increase in customer numbers. Customers numbers comes from trust. This means the fist objective must be achieved. However, the profits will now depend on pricing. Business prices must increase considerably to match the market trends, needs, customer abilities among others. That will ensure steady growth and provide customers with the beliefe of quality. Their adoption of the prices will be easy.

Objective

Expad the business to several cities, make it the greatest in the region. It will be easy if standsrda sna dqulity are kept higher than normal.

Strategy

Adjusting the standards beyond normal demands will show the commitment the business has to serve people. In expanding to other regions, it is necessary that the broad cultures are considered. Some cultures are not easy to work with, as they demand diversity and crisp understanding. It will be under my mandate to make the business diverse and cover all the factors that can lead to proper expansion, among others.

Assessor’s comments

Activity 6 (Cont)

Critical Success Factors and Strategy

Yes No

CSF

Technological advancements in the idustry should aid the accomplishments of diverse methods of customer service. Technology takes most of the projects today, and will increase the happines and desires of the customers.

Strategy

Keep an eye on the new items and inventions coming to the market. Most companies and businesses borrow ideas from other businesses. It is business competition and networking that will increase the knowledge of market trends and any new items in the market. These help in ensuring the right ways of improving their efficiency and delivery.

CSF

Professionals and experienced workers maintain the standards of the business. These people should be in the business to bring in fresh ideas from their studies and make changes to customer care and provision.

Strategy

The business will employ people from broad fields and delegate o them the right duties. This improves the service delivery which will give chance for the business to showcase relevant changes it is making. The drawing of a strategy will demand investigations of the abilities of the various people who present themselves for the positions of service to improve the business. These should be under keen considerations to minimise errors.

CSF

Capital for expansion of the business to other areas, and managers to run new branches.

Strategy

A business can perfom well and gain strength to improve its services. This is financial strength, which will bear improvements to the business and make it grow easily. The profits from the business and other savings will cater for expansions into other branches. It is easy to expand from the capital generated by the business than borrowed money. Borrowed money in terms of loans are difficult to work with as the repayment becomes stressful to the owner.

Assessor’s comments

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

Expansion without taking on loans from other businesses or financial intitutions.

Strategy

Create my ways of increasing capital

Save a portion of profits for the new business.

Do a better marketing for expansion.

Increases charges for services and make it generate the capital needed for the business.

Have partners join me for the business and contribute more capital.

Have another person invest in the business.

Increase the capital offers to a business and make it easy for the business to thrive.

Postpone the project till enough money is invested.

Expand on a few services, as it generates its money for full functionality.

Reduce personal spending and invest the saved amount in the business.

Use other money generation activities that will allow the business to fully run.

Expand in somebody’s business premises, share with them the space then move out once I gain enough money to expand.

Seek advise on other means of expanding from experts

Use similar strategies as was in starting the first branch, that makes it spread to other regions.

Split the expansion plan to different investors and ask them to help in the investment.

Re-evauate the expansion plan to find the new ways of expansion possible for the business.

Close the business in the current location and go to the new locations identified.

Increase the services in the current business to generate more income for the new business.

Channel all the money gained without paying employees in the current business for one or two months.

Combine two or more of the plans above to ease the expansion

Assessor’s comments

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.

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?

Compliance with health and occupational perfomance.

Different charges depending on the field of work.

The license will have to be availed at first before the business picks. The laws and regulations do not allow a business to pick before a health license.

Industrial Chemicals and Notifications Act (ICNA)

Free

The use of chemicals and other manufactured products for beauty and facial improvements must be registered to ensure they meet the specific regulations and rules for the country. It demands that chemical information and ingredients be provided for easy assessment of risks and dangers. It affects the planning especially where to get them and use them.

Goods and service tax registration

Varies

The tax compliance permit and forms differ from one busines to another. It will allow a continuation and inclusion into the business when it is adhered to.

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

It is the body that deals with the provision and regulation of permits to business people installing and operating nuclear ad radiative materials. In cosmetic industries, IPL is an abbreviation for Intense Pulse Lght Sources. ARPANSA ensurs the people using such sources of light for operations adhere to health rules to avoid after effects of their operations. The current regulations they have for the cosmetic industry are to ensure that controlled and permitted people undertake the activities to avoid errors and risks. These permits are easy to obtain if one satisfies the requirements of the commonwealth regulations. For the clinic, it will be extend to involving an expert like a doctor in ensuring there are no errors in the serices provided.

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

Injections of Brotox and fillers are done by medical practitioners who understand the information about the patient and the demands of the medical industry. It is a mandatory condition from the Medical Board of Australia, which has recommendations for every person in the cosmetic industry. The practitioners taking care of this must be a registred person in the various healthcare associatins. The incoming of the Medical Board of Australia was to ensure the people remain safe in whatever services they seek in the medical industry. Without these licenses, ona cannot do an advanced cosmetic care in Australia.

Assessor’s comments

Activity 8

Business Details

In