Bernadette Bombase

Coaching Session 4 – Project Planning Part 2 Project Cost Estimation BUDGET ESTIMATION Category Item Cost Total Advertising Google Ads 200 pesos x14 days ₱2,800 Facebook Ads 200 pesos x14 days ₱2,800 VA/CSR Salary 2-month salary ₱20,000x2 ₱40,000 Overall Estimated Cost ₱45,600.00 RISK MANAGEMENT PLAN Bee’s Scents Unlimited Introduction The supplies or merchandise will be coming from the US and there is a possibility that the orders will take at least two weeks to arrive here in the Philippines and another few days to be delivered to the resellers. Long shipping time means delayed shipment to the resellers as well and this may trigger dissatisfaction on the resellers’ part. Other resellers’ preferred payment method is COD or Cash on delivery, which means delayed payment going to our account as well. This may also pose a problem when it comes to the availability of funds. Less money coming in to the business on time means delayed payment of our expenses or payables as well. With this scenario, we may have to pause the ads or we may not be able to pay the salary of the VA/CSR on time as well. It is important that we have a Risk Management Plan in place, in order for the company not to compromise the ads and the traffic going to the website and social media accounts to get potential business partners or resellers within the prescribed timeline. Identified Top Risks 1. Longer shipping turnaround time since the supplies are going to be shipped from the US. 2. Possible dissatisfied customers due to longer shipping time. 3. Delayed payment due to COD mode of payment being the preferred method by most clients. 4. Delayed payment coming to the account can also pose a problem in terms of paying the payables or expenses on time, which can be detrimental as well to the flow of the entire business. 5. FB and Google Ads not converting to sales or not targeting the correct audience/niche. Risk Identification · Longer shipping time is identified as the top 1 risk based on the historical review or past transactions with previous clients. Records of meeting with previous clients were gathered and investigated and it showed that the top 1 risk is the clients’ dissatisfaction due to the longer shipping time. · Delayed payment due to COD payment as the preferred method is also identified based on the historical review or past transactions. Majority of them do not have a digital or online bank account, that’s why they choose to pay cash on delivery. · The risk in FB ads is identified based on the FB ads manager dashboard. Based on the campaign created, not enough traffic or audience were reached, hence, much lower number of potential clients saw the ads. · The risk in Google ads is identified based on the Google analytics dashboard. Based on the analytics, the impressions and click rate are so low, which means it is not reaching the intended target or traffic. Risk Prioritization and Monitoring Risk Priority Reason Solution Longer shipping time High If a client is dissatisfied with the arrival of their merchandise, there is a possibility that they may look for another suppliers who can fulfill their demands. It is extremely important that this risk is avoided at all cost. To avoid this scenario from happening, it is important to have and keep enough inventory to last for at least 2 months. Delayed payment High This risk should also be mitigated, if not possible to totally avoid it. Lack of funds coming in to the account may paralyze some operations of the business. Need to partner with couriers who support COD payment with the shortest processing time in remitting the cash to the business’ account. FB ads Low FB ads is vital in attracting traffic and potential clients to the business. Without paid or organic traffic, it is impossible for the business to get and sign up business partners or resellers. This risk can be mitigated by pursuing organic traffic. Since the business is new and not a lot of funds are coming in yet, we need to exploit or maximize the opportunity of free and organic traffic from different Facebook groups. Just need to post the business opportunity to different Facebook groups. Google ads Low Same as FB ads, Google ads is important in attracting traffic. Without traffic means no business coming in to the account. Since there is not enough funds available to sustain this effort, what we can do to mitigate the risk is to exploit the available social media platforms to get organic and free traffic. Monitoring The monitoring will be done by the business owner with the help of the VA/Customer service representative. A report should be made by the VA/CSR every week and submitted to the business owner for monitoring. VA/CSR – To keep and check the inventory of supplies to ensure that there is enough supplies. To make necessary reports to the business owner if he/she sees that stock is already running out. He/she needs to also monitor the growth of the traffic in all the social media platforms and website, to see if the efforts in getting free and organic traffic are working and gaining results. Business Owner – To place orders, once there is not enough inventory. She/he will be the one responsible for communicating with the couriers to ensure that the payment is remitted to the account on time. Risk Management Strategy Risk Risk Management Strategy Longer shipping time This should be avoided at all cost, otherwise this will cause tremendous problems to the overall operations of the business. Delayed payment This should be mitigated, otherwise this will cause tremendous problem to the overall operations of the business, in terms of paying the payables and expenses. It is important that the business has a healthy financial flow to ensure its seamless operations. FB ads and Google ads Both of these risks can be mitigated. This can be done by being resourceful. The VA/CSR can exploit and maximize the free platforms to market or introduce the business opportunity. Risk Register Identified Risks Management Strategy Longer shipping time Avoidance Delayed payment Mitigation FB ads and Google ads Mitigation Please see below the Visual Project Schedule Visual Project Schedule