Individual Reflective Analysis on Business Plans - Assignment Example

Individual Reflective Report on business plans affiliation Individual Reflective Report on business plans Task The business idea of this group is the development of a fitness clinic through the aid of a fitness consultancy firm. The clinic is designed to help individuals who are interested in getting and keeping fit and live a healthy way of life. The fitness clinic will have professional trainers who are hardworking and dedicated to making you be in a good physical shape. Additionally, it gives out compact disks that have guiding principles on how to workout at home and what healthy foodstuffs you can consume. Also, the clinic is set to give out a special nutrition plan on how to be fit and lose weight to live a healthy way of life. The fitness industry in the United Kingdom is on the rise, and a large number of its population is largely stable. Additionally, individuals are starting to mind about their fitness and are trying all they can live healthy lives, hence, the market will not be an issue. Also, in present times, nutrition is a great concern for people and providing guidance to them with a nutrition plan will make your business prosperous. Additionally, the marketing strategy of marketing its services and products through social media will enable them to reach a larger audience without spending a lot of cash. The prices are also expected to be lower than their opponents, and their packages are of great deal since they have fitness specialists to train their clients. Unlike other companies, which are just dedicated on dancing, fitness, clinic is based majorly on consulting for a healthy lifestyle. Thus, this is why fitness clinic idea is great. However, some issues come with the fitness industry. Firstly, money issues are a major problem when initiated new projects, and this is no different to the fitness clinic idea. Acquiring gym fitness equipment’s is a problem due to their expensive nature. Secondly, the issue of pricing can be a problem, since poorly priced services can decrease the profits of an organization. Therefore pricing should be based on the fair prices that will return profits and not just lowering prices so as to compete with opponents. Lastly, the fitness market is filled with pioneers who have been in the market for a long time and had the experience. Additionally, they are well equipped and have their customer base is large, due to this it will be hard to convince clients that you can provide good services than them. The strengths of the plan were that Concepts where shared, work was dispersed amongst group members equally, everybody assisted each other to rectify any mistakes, Improvement in confidence levels, and Virtuous communication skills were established. Moreover, the weaknesses involved: Last of communication; creating time for group conferences were challenging; Members were having a hard time understanding the work; and a single group member was not involved in the development of the presentation plus the presentation itself. Task 2 The idea of fitness clinic arose from the view of the trend that people nowadays have of visiting gyms to work out and how it is becoming a significant activity. People have started minding about their health and physical looks and are trying to make themselves look fit. Thus they register with gyms so as to workout effectively. Moreover, this business idea was arrived at because we viewed it as a great industry for new entries. The idea was arrived on due to the fact that individual’s incomes are generally improving ; individuals are more likely to create new allies through the social media; today’s technology makes it simple to make better equipment’s for fitness and the government is doing a lot to increase knowledge and awareness about fitness and health. Therefore, the idea to venture into this market at this time was seen as the best idea. From this idea initiation, I have learned that, each market has its advantages and disadvantages. Challenges and difficulties in a certain market should be keenly looked at to avoid coming up with plans that cannot work. Strategies to curb the challenges should also be developed and analysed to know if they can be effective in the market. Already established companies in the industry should be studied to know what strategies they used to be successful. Additionally, there are legal necessities that need to be followed. Fitness industry association has a code of practice. This code indicates the required performance method for leisure and health centres, to ensure clients are in a safe surrounding as they exercise and strive to accomplish health goals. Task 3 The team members in the fitness company are fitness consultants and professional trainers. The professional trainers are there to provide high-quality fitness services to the clients on how to exercise well. The fitness consultant’s main duty involves advising clients on what to eat and what to avoid eating to attain or maintain a healthy lifestyle. They offer clients with nutritional plans that they can be reading daily and make them part of their lives. Team forming involves team members discovering on what it entails being in a group and what it means. A group should have clear objectives and goals, clear work plans, definition of roles and tasks, and identification of group norms, standards, behaviours and ways to control behavioural problems. Members should demonstrate excitement, accomplish minimal work, show hesitant connection to the group, and participate hesitantly, among others. The forming process only becomes complete when members now view themselves as part of the group. Working as a team will enable the business prosper, and the interpersonal skills in managing conflict will be developed amongst members. Additionally, teamwork allows members to learn to work supportively, respect each other’s decisions, and share ideas and information. Task 4 Confering to Guglielmo, (2007, p45), business plans typically define the intentions of a company and what a business entails. It needs to clarify the direction and purpose of the business to make anyone understand the necessities that will enable the forward movement of the business. The factor of future direction and growth are necessary to be able to plan on the changing market, slowing or growing trends, and new directions or innovations to adapt as the business grows. Plans should be well designed with three components which are the marketplace, business concept, and financial. On the other side, Paper documents are arranged in a disorganized manner; they lack the consistency, and some parts may be missed out when writing them. Their disorganized manner makes them hard to figure out their idea. By presenting this fitness clinic plan to the panel, I have been able to see the strengths and weaknesses of the plans. This will help me be able to look at the problems and find ways of resolving them in order to come up with a better plan. Additionally, the panel also helped to analyse the plan and provide guidance on how to develop it better can be given out to improve on the plans. Task 5 According to Woolf, (2008, p60), the fitness clinic business idea is said to be on the rise in modern days due to the changes in the eating of individuals and the need to stay healthy from complications. In the plan, there are predictions that the fitness market industry will be successful in the near future, and this is due to the rise in the number of individuals registering in health fitness centres. However, this is nothing but just being optimistic in a way. This is due to the fact that, there is no assurance or proof that shows projections of the fitness industry in the coming days. The figures are just assumptions and likelihood of a drop or rise in the industry is equal. The plan needs some changes to make it better; firstly, the financial projections in the plan look inaccurate and unrealistic. The projections should be precise and overestimating should not be carried out. Secondly, an analysis of the competitors in the market should be done to know where you should improve and also view their weak points and use them to your advantage. Lastly, the plan should form a well unique sales point. This will help reduce the number of competitors and as a new company, there will be more chances of conquering the market base. Conclusion Concisely, the business plan should be well drawn to meet all the goals and objectives of an organization efficiently and effectively. The plan should consider the aspects of pricing, future expectation and competitors in the market. By developing this aspect the business will make the plan better and easier to implement thus achieving its goals. Also, the code of practice should be considered by the fitness company to ensure the availability of a safe environment for the clients. Finally, teamwork among the members should be emphasized to ensure that workers work in harmony with minimal wrangles. Reference list Guglielmo, W.J., 2007. How to write a business plan. Medical economics, 84, pp.42, 44–46. Woolf, J., 2008. Competitive Advantage in the Health and Fitness Industry: Developing Service Bundles. Sport Management Review, 11, pp.51–75. Read More