Answer

Review of the Business plan

Before implementation of the plan which has been chosen, it is prudent that the plan be reviewed, to further assess its feasibility of the subject plan.  It is worth to note, upon implementation of the subject plan, it is still advisable that the business plan be reviewed regularly, to adjust to the various dynamisms in the industry (Griffin, 2015). The review to be done will focus on the SWOT analysis which was done, business performance to be done to the identified opportunity, the financial reports and other reports on of the business. Consultation with the stakeholders, will also be a key issue in the review, as it affects the targeted results.

Review of the Identified Weaknesses

A business weakness refers to the factors within the subject business, which otherwise hinders the smooth operations as well as the desired efficiency levels with which the business would otherwise achieve its objectives. Weaknesses are subject to manipulation of the business owners, as it is an internal factor. This is unlike external factors which can only be taken by the business.  In this plan for Rooster Burgers, two weaknesses were identified, namely; inexperienced directors and limited capital.  The First weakness is limited capital is based on the nature of the business, as well as the source of capital, which has been identified by the entrepreneurs.  It is worth to note that one of the renowned feature of a partnership form of business is limited capital, due to limited number of contributors. It on this basis that the directors opted for this form of business.

The directors have opted for an internal source of capital, which is personal savings of $ 20,000 and a loan of $ 80,000. The amount will be used in paying for the fixed expenditures such as rent. In the subsequent periods   before the business breaks even, it is not clear where it will source its capital.

Limited Market Experience

            Rooster Burger is a new venture, in Melbourne, which is a city with numerous restaurants.  Though the entrepreneurs intends to venture into on-line trade and office delivery, it has very limited market experience which puts it a great disadvantage.

Alternatives to the Weaknesses

 On the limited capital issue, the business has an option of outsourcing for finance from any financial institution, in form of loan.  It is however, worth to note that such a move should be done cautiously, as the business is already having a very high gearing ratio. The business can also accommodate more partners with an objective of raising more capital. This as well as should be done cautiously, so as not to dilute the business ownership. On the limited market experience issue, the business Rooster Burger has an alternative doing regular market survey and benchmarking to ensure that their operations meets the  level of their peers in the market.

Monitoring the Business Performance

This being a profit oriented organization, its business is actually business.  It is therefore prudent that an assessment be done periodically, to ascertain whether or not this objective is being met.  Performance of the business can be assessed qualitatively and quantitatively. Quantitatively involves computation of the realizable profit, while qualitatively involves assessment of the quality of service and products sold in the market. In order to assess or loss I will ensure that financial statements are prepared on quarterly basis, semi-annually and annually. All the departments will also have to prepare their financial reports, so that each department’s contribution to the overall profit is ascertained. I would also hire professional KPIs to compute the financial ratios and monitor the profitability levels. On environmental impact, I would do a semi-annual survey on the impact of the business on the community. I would also partner with the National Environmental Management departments, to certify whether or not the impacts the business has on the environment lies within the acceptable limit.

Other than environmental impact assessment, I would also use the community survey (done semi-annually) to assess the brand awareness. The financial statements will be focused both on the net worth of the business at the end of the year, as well as the realized turnover.

Assessment of Underperformance

Upon assessment it is possible to find out that the business is not performing to the expectation. In order to evaluate this, I will use the profitability ratios as well as the sales budget for the year. If the actuals are below the targets, or if the profitability ratios are below the industrial rates, then I will be able to conclude that there was an underperformance. The following are some of the approaches that are applicable in assessing underperformance:

Management Approach

This involves having a round table discussion with managing partner and heads of the various functional departments (Entrepreneur Media & Business News Publishing Ltd, 2016). The theme of the discussion will be based on the targeted performance or the expectation of the employees and the actual performance realized by the business. Upon concluding this discussion, a sound judgement would be made based on the variation between the expected performance and the actual performance. A negative of adverse results is an indication of underperformance.

Financial Statements Approach

This involves computation of the main two financial statements, which are statements of financial position and income statement.  Profitability ratios and Earnings ratios will then be contributed. If these ratios are below the industrial rate, then the business is said to be underperforming. Otherwise, then the business is performing.

Budget Approach

According to Griffin (2015), this involves comparison between the budgeted performance levels and the actual performance levels. It is worth to note that the main determinants of performance and turnover and profit. In this approach, a comparison will be done between the targeted turnover and profit, and the actual turnover and profit. A negative result or an adverse result would lead to a conclusion that the business underperformed.

Communication to the Stakeholders

Stakeholders can be defined ad individuals who have an interest in an organization. Stakeholders can either be within an organization or from without an organization (Delers, Feyes & Probert, 2015). However, their role is very critical to performance of an organization. It is therefore important that they be consulted through a proper communication means and channel.  The following are some of the ways through which the various stakeholders can be communicated to:

The Business Financiers

These are people whose finance are used in running the business. In the case of Rooster Burger, the financiers are the partners and a commercial bank I would communicate to them through an official circular and a round table discussion.

Customers

These are the business clients. In the case at hand the customers are workers in CBD, Dockland and Southbank.   I would communicate to these customers through the most popular media and an open day.

Business Partners

Being one of the most critical stakeholders, communication to them and with them is paramount. Rooster Burger has only two partners (Mr. Roo and Mr. Ster), hence I would communicate to t through an official round table meetings and partners’ consultative meetings.

Staff

These are internal stakeholders.  A staff meeting, a notice and an official circular are some of the ways through the review of the plan could be communicated to them.