Compliance and compliance management is imperative to every business, no matter how large or small. If a business is not compliant in relation to laws, regulations, industry standards, key legal agreements and company policies, pose a risk to a business. Throughout a business traineeship, you will learn what compliance is and how businesses respond to […]
Ensuring that you only spend the amount of money that has been budgeted is as equally important as ensuring that the project is completed on time. The purpose of any new operational plan is to improve or at least maintain the amount of profit made by the business. Undertaking a business traineeship will assist you […]
Throughout the implementation of your operational plans, you must ensure that they are going according to plan. There is no point spending all that time developing plans, setting targets and deciding how to measure your success if you don’t monitor the plans in action. Studying a business traineeship will demonstrate how monitoring your plans effectively […]
This blog continues a series on developing operational plans specifically for students undertaking a business traineeship. Your operational plan will need suitable documentation as well as effective evaluation systems.
For the past three weeks we have been discussing the development of operational plans: fundamental to your business traineeship. Communication is an important aspect of developing an operational plan. It is important to identify and communicate with all stakeholders of an operation.
The purpose of an operational plan is to identify the best method of arriving at a goal. Essentially, your organisation is in one position and it needs to arrive at another position. Usually you will be told what the objective of the plan is, such as “we need to develop new policies and procedures for […]
Studying a business traineeship will introduce you to a number of business models to assist you develop an operational plan. The PEST analysis is a useful tool for understanding market growth or decline, and as such – the position, potential and direction for a business. PEST is an acronym for Political, Economic, Social and Technological […]
A business traineeship introduces you to the McKinsey 7s model of organisational structure. The model is based on the theory that, for an organisation to perform well, these seven elements need to be aligned and mutually reinforcing. So the model can be used to help identify what needs to be realigned to improve performance, or […]
A business traineeship will teach you how to develop and implement a successful operational plan. Operational planning needs may relate to any plan required to support day-to-day workplace operations, such as:
Inevitably a business traineeship will introduce you to marketing products and services through product launches. Product launches are events or activities that announce the arrival of a new product or service on the market. The product launch is probably the most important time in a product’s life cycle, particularly in terms of promotion. It provides […]