Business Planning

Business Planning is the process more and more Faculties (and other academic units) are undertaking to clearly articulate their strategies and initiatives to deliver enhanced academic and financial outcomes. In most cases, the Business Plan will identify the various initiatives and projects to be undertaken across the Faculty, often targeting the development and delivery of new learning programs, principally to the post-graduate market and often using innovative technology to support the programs.

Business Planning is comprised of the following steps:

1. Scope business opportunities.

Working with existing Faculty Plans (such as Strategic Plan and Teaching and Learning Plans) this step scopes out the possible initiatives that may be developed to meet goals and objectives. This step will result in the production of a Faculty Portfolio.

2. Scope possible initiatives and projects.

The Faculty Portfolio is further developed with each initiative being analysed, sized, costed and placed in a probable timeframe. This results in the production of a Program/Project Proposal, which is presented to the Faculty Management for approval.

3. Package the Business Plan.

Once broad agreement is reached concerning the probable programs to be developed and run by the Faculty, the full Business Plan can then be assembled. This Plan will be more comprehensive than just defining these learning programs and will contain definitions of resource needs, technology required, cost analysis, roles and responsibilities and management approaches, including project and risk management approaches.

4. Endorse the Business Plan.

The content of the Business Plan must be balanced against, fiscal, resource and capability constraints. Not all initiatives identified in the Plan will b endorsed to be taken to the next stage of a fully developed Business Case, so the Faculty, College and University management will all be involved in agreeing the final make-up of the Plan.

iTEV can provide a number of specialist resources and services in the development of the Business Plan. In particular iTEV can provide:

• Proven methods and approaches in developing Business Plans.
• Business analysis, financial analysis and marketing skills
• Insights and advice into the use of innovative technologies in the development and delivery of learning programs.
• Workshop and group facilitation services.